The rating agency Moody’s has raised Cambodian gaming operator NagaCorp’s outlook from negative to stable, citing liquidity improvements.
In its rating comment, Moody’s notes that the change in outlook to ‘stable’ reflects its view that the refinancing risk has abated, as NagaCorp has sufficient funds to repay its US dollar bond in July.
“Liquidity has improved over the past 12 months, helped by the drawdown of a shareholder loan and a reduction in discretionary spending,” says Yu Sheng Tay, a Moody’s analyst.
