Moody's revises Peninsula Pacific view to stable

Moody's Investors Service said it revised Peninsula Pacific Entertainment, LLC’s outlook to stable from negative.

Moody's also affirmed the company's Caa1 corporate family rating, Caa1-PD probability of default rating and Caa1 senior unsecured rating.

"Moody's decision to revise P2E's rating outlook to stable from negative and affirm the existing ratings considers the company's lower cost structure and relatively strong results reported for the quarter ended Sept. 30, 2020, a trend that Moody's believes will continue despite the ongoing effects of Covid-19, as well as result in a gradual reduction in debt/EBITDA during the next 12-18 months," said Keith Foley, a Moody’s senior vice president, in a press release.

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