Moody’s downgrades NagaCorp’s rating on refinancing woes

Moody’s Investors Service says it has downgraded to ‘B3’ from ‘B2’ the corporate family rating of casino developer and operator NagaCorp Ltd. The institution has also changed the outlook on NagaCorp to ‘negative’, from ‘ratings under review’, it stated in a Monday report.

The senior unsecured rating on the company’s U.S. dollar bond was also downgraded to ‘B3’, said the ratings agency. The bond is “unconditionally and irrevocably” guaranteed by the major operating subsidiaries of NagaCorp, it noted.

NagaCorp has a long-life monopoly casino licence for the Cambodian capital, Phnom Penh, where it operates its NagaWorld resort complex.

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