S&P cuts Olympic Entertainment

S&P said it downgraded Odyssey Europe Holdco Sarl (Olympic Entertainment) and its issue ratings to CCC+ from B.

“Despite cost-mitigation measures, the lockdowns and gradual recovery result in a lower S&P Global Ratings forecast for free cash flow and higher leverage. We anticipate that Olympic will report about €2 million-€3 million of negative EBITDA per month of full shutdown,” said S&P in a press release.

The agency forecasts S&P Global Ratings-adjusted leverage will exceed 9.x for 2020, S&P said.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.