Moody's ups Peninsula Pacific

Moody's Investors Service said it upgraded Peninsula Pacific Entertainment LLC's (P2E) corporate family rating to B3 from Caa1, and its probability of default rating to B3-PD from Caa1-PD. The agency also raised the company's $850 million senior unsecured notes to B3 from Caa1. P2E's $75 million revolver is not rated.

"The upgrade of P2E's CFR considers that P2E's revenue and EBITDA are trending above Moody's forecasts that were the basis for the rating decision for the company's April 2021 financing," stated Keith Foley, a Moody’s Senior vice president, in a press release.

"This stronger than expected performance to date will enable the company to achieve and sustain debt to EBITDA below 5.5x, the level P2E needs to achieve a B3 corporate family rating," added Foley.

The outlook is stable.

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