S&P switches Enterprise Development watch to positive

S&P said it revised the CreditWatch on Enterprise Development Authority to positive from negative.

“We revised the implications of our CreditWatch to positive from negative based on EDA’s strong EBITDA generation in the second quarter, despite the closure of its casino for more than half of the quarter, and our expectation that it may be able to maintain its current EBITDA levels in future quarters, which would lead to fixed-charge coverage in the mid-1x area and material deleveraging,” S&P said in a press release.

In resolving the CreditWatch, the agency said it plans to ascertain if the company can continue its performance over the next few months, particularly in light of the wildfires, which could weaken the local economy and reduce discretionary spending.

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