Malaysian tycoon Tan Sri Chen Lip Keong’s Cambodia-based NagaCorp Ltd’s proposed US dollar senior notes has been rated ‘B+’ by S&P Global Ratings.
The rating agency had on Monday said the proposed noted by NagaCorp (B+/Stable) was subject to its review of the final issuance documentation.
“We expect Naga to use the net proceeds to fully repay its existing US$300 million senior unsecured notes due May 2021 and for general corporate purposes.
“This will extend the company’s debt maturity profile and improve its liquidity, which we assess as adequate. Naga’s casinos have remained closed since April 1,2020.