S&P Global Ratings has downgraded the secured debt of New York’s Empire Resorts from “B+” to “B” with a negative outlook amid concerns over its ability to refinance a looming US$300 million bond maturity due in November.
The “B” rating indicates that Empire’s debt profile is speculative or highly vulnerable to adverse conditions, albeit with the capacity to meet current commitments.
In a note, S&P hinted that Empire’s capacity may revolve around the appetite of its parent, Genting Malaysia, to come to the rescue should the US-based entity fail to obtain a successful refinancing.
