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Crown Resorts Provides Moody's Rating Update

20 Nov 2020  |  14:56:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Moody's Rating Update

Crown Resorts advised that it has been informed by Moody's Investors Service (Moody's) that it has downgraded Crown's issuer rating from Baa2 to Baa3 and that the rating remains on review for downgrade. A copy of the Moody's Press Release is attached. As a result of the downgrade, there will be an increase in the interest cost associated with Crown's Euro Medium Term Notes of USD 1 million per annum. The Company is currently being investigated by a number of Australian regulatory bodies and authorities, following negative media reports in July 2019 that accused it of knowingly breaching Chinese gaming laws, circumventing visa requirements, facilitating money laundering and using junket operators with links to organized crime.

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