Moody's upgrades CBAC Gaming

Moody's Investors Service said it upgraded CBAC Gaming, LLC's corporate family rating to Caa1 from Caa2, probability of default rating to Caa1-PD from Caa2-PD and senior secured revolver and term loan to Caa1 from Caa2.

“The upgrade of CBAC's CFR to Caa1 considers the improvement in operating performance since the company's Horseshoe Baltimore casino reopened following the 2020 closure. The company's improved EBITDA margin since reopening including performance year to date in 2021, positive free cash flow and adequate liquidity, coupled with some debt reduction, have reduced leverage levels from the peaks hit during the coronavirus. Moody's expects debt-to-EBITDA leverage will be sustained below 7.5x,” the agency said in a press release.

The outlook is stable.

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