Even as revenue remains below pre-pandemic levels, the company has been able to improve EBITDA margins significantly and increase absolute EBITDA levels back above pre-pandemic levels for Q3 and Q4 2020 following the closures in Q1 and Q2 of : Station Casinos LLC. The company's Speculative Grade Liquidity rating remains SGL-2 and the outlook was changed to stable from negative.The change in outlook to stable and affirmation of Station's B2 CFR considers the strong operating performance since the company's casinos have reopened, supported by the company's good liquidity including robust free cash flow generation and full revolver availability. The company's existing senior secured revolver and term loans were affirmed at B1, and the company's existing senior unsecured notes were affirmed at Caa1.
Rating Action: Moody's changes Station Casinos' outlook to stable from negative, affirms B2 CFRGlobal Credit Research - New York, Ap- Moody's Investors Service affirmed Station Casinos LLC's ('Station') Corporate Family Rating ('CFR') of B2 and Probability of Default Rating of B2-PD.
