Moody's rates Caesars notes B2

Moody's Investors Service said it assigned a B2 rating to the proposed $300 million senior secured notes due 2020 issued by Caesars Operating Escrow LLC and Caesars Escrow Corp. due 2020 to be assumed by Caesars Entertainment Operating Co., Inc.

The agency also affirmed Caesars Entertainment Corp.'s Caa1 corporate family rating and changed the outlook to negative.

Additionally, Moody's said it lowered Caesars' speculative grade liquidity rating to SGL-2 from SGL-1.

Moody's said the change in outlook to negative reflects its view that Caesars' operating results will not meet Moody's previous expectations as a result of slowing same store gaming revenues through August across many regional U.S. markets in which Caesars participates followed by declines in September and October.

© 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.