Moody’s Investors Service announced yesterday it has lowered Boyd Gaming Corporation, a multi-jurisdictional gaming company, corporate family and probability default ratings to “Ba3” from “Ba2.” Senior subordinated note ratings were also lowered to “B2” from “B1.”
According to a statement from Moody’s, the downgrade was based on “the expectation that the weak economy will continue to negatively impact gaming revenue in all markets which Boyd operates.”
The investors service has also recently lowered Trump Entertainment Resort Holdings’ ratings and said its Atlantic City casino revenue fell 15.1 percent overall, which, according to the Associated Press, is the market’s largest monthly drop ever.