Twin River’s parent on negative ratings watch

NEW YORK – Standard & Poor’s Ratings Services said last week that it cut Twin River’s parent company’s corporate credit rating to ‘B-’from ‘B+’ and placed the ratings on negative watch.
Standard & Poor’s cited “sustained weakness” in the company’s credit metrics and heightened competitive conditions in the Connecticut, New York, and Rhode Island gaming markets.
In a news release Standard & Poor’s said that UTGR Inc.’s liquidity position over the near term is “likely to be strained by the failure to grow the EBITDA base.”
The ratings services also said that it expected profits for casinos to be soft nationwide in the near future, given the current status of the economy. &#8226