Rating agency Fitch expects Australia's Crown Resorts to be downgraded several notches if the full sale of its shares to Blackstone is completed.
Crown shareholders will vote on the $6.5 billion transaction in the second half of 2022.
Fitch has taken Blackstone's track record in the US gaming sector as a reference and says that Crown, currently rated "BBB", could move to low “BB” or high “B” for Crown with the potential for an even larger fall mitigated by Australia's strong regulatory environment and the protections it affords.
In this regard, in a press release the rating agency has stated: “We expect that in this scenario, any rating action would result in a multi-notch downgrade, as such leverage levels are more commensurate with the metrics of 'B' category rated gaming issuers or below”.
It should be noted that the need to obtain regulatory approval in multiple Australian states before splitting Crown's real estate from operations could also delay the implementation of any ratings actions by Fitch.
18+ | Juegoseguro.es – Jugarbien.es
