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Fitch gives Great Canadian Gaming loans BB+, notes BB+, B
Fitch Ratings said it assigned a first-time issuer default rating of B+(EXP) to Raptor Acquisition Corp. (Great Canadian Gaming Corp., GCGC).
Fitch also assigned ratings of BB+/RR1(EXP) on GCGC's proposed senior secured revolver, senior secured term loan B and secured notes; and a rating of B/RR5(EXP) on GCGC's senior unsecured notes.
The outlook is stable.
The B+ IDR considers GCGC's rent-adjusted leverage with pro rata share of joint venture (JV) debt will be modest based on funded debt at closing and upon the reopening and recovery of Canada's regional gaming market, and the contributions from GCGC's development pipeline, Fitch said in a news release.
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