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S&P revised SkyCity outlook to stable
S&P revised SkyCity outlook to stable, flags stronger balance sheet
May 13 (BusinessDesk) – International ratings agency Standard & Poor’s has revised casino operator SkyCity Entertainment Group ratings outlook to stable and reaffirmed its BBB-minus rating.
The move reflected “our view that SkyCity’s financial profile and credit measures, while incorporating some leeway to allow management the flexibility to pursue growth and shareholder return objectives – will remain commensurate with the rating over the medium term.” The casino operator’s outlook was previously on positive, giving it a one-in-three chance of an upgrade.
“We believe SkyCity’s strengthened balance sheet and debt-maturity profile, combined with our expectation of a relatively stable property-level EBITDA and cashflow generation, will enable the company to undertake debt-funded growth opportunities in a mannter that preserves credit quality at the BBB-minus long-term rating.”
A “measured” approach to capital investment was also expected, along with a stable regulatory environment and preservation of SkyCity’s current competitive positioning.
SkyCity shares fell 0.5% today to $3.71, prior to the S&P announcement.
(BusinessDesk)
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