Moody’s rates Churchill Downs notes B1

Moody's Investors Service said it assigned a B1 rating to Churchill Downs Inc.'s proposed $600 million senior notes due 2031.

The company’s existing ratings, including its Ba3 corporate family rating and Ba3-PD probability of default rating, are unchanged.

The outlook is stable.

Net proceeds from the proposed note offering are expected to be used to repay the company's term loan B facility, for working capital and general corporate purposes, and to pay related fees and expenses.

Moody’s said Churchill Downs’ credit profile reflects the strong history, popularity and performance of the Kentucky Derby along with the company's practice of operating with moderate leverage.

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