Moody Corporation’s bond credit rating business, Moody’s Investor Service, is concerned about the future of NagaCorp amid China’s war on junkets. The Hong Kong-listed Cambodian operator has been struggling to recover from the pandemic and now faces significant refinancing risks.
Moody’s concerns became evident when the rating company downgraded NagaCorp’s corporate family and senior unsecured ratings from B1 to B2. The former firm expressed concerns about the Cambodian operator’s recovery and believes that tough years might await the gambling and hospitality company.
One of Moody’s biggest concerns is a $545 million bond that will mature in mid-2024. This might be a significant problem as NagaCorp’s current sources of liquidity have been limited and the company lacks bank facilities and divestible non-core assets.
In full: https://www.gamblingnews.com/news/nagacorp-to-likely-face-financial-trouble-moodys-predicts/