...- U.S.-based gaming equipment provider AP Gaming Holdings LLC faces an extraordinarily challenging operating environment stemming from the temporary closures of casinos across the U.S. amid the COVID-19 pandemic, resulting in weaker credit measures and heightened liquidity pressures. - As a result, we are lowering all ratings on AP Gaming, including our issuer credit rating, by one notch to 'B' from 'B+'. The ratings remain on CreditWatch with negative implications. - In resolving the CreditWatch listing, we plan to assess the company's cash burn rate while casinos are closed and additional steps it might take to reduce operating expenses. We will also evaluate the company's liquidity position in light of the uncertain duration of the casino closures. We plan to assess how the U.S. recession and potential continued social distancing measures might affect consumer discretionary spending at casinos, and the impact this might have on how quickly AP Gaming's EBITDA and discretionary cash flow...
