...- The governor of Maryland issued an emergency order to close all casinos, including CBAC Borrower LLC's Horseshoe Baltimore casino, to prevent the spread of COVID-19. The property will remain closed until Maryland's state of emergency is terminated or until the emergency order is superseded. - We are lowering our issuer credit rating and issue level rating on the company's secured debt to '###+' from 'B-' and placing all ratings on CreditWatch with negative implications. - In resolving the CreditWatch listing, we plan to assess the company's cash burn rate during the closure and steps it might take to reduce operating expenses while closed; evaluate the company's liquidity position in light of the uncertain duration of the closure; and monitor the steps the company is taking to secure covenant relief under its revolving credit facility. In addition, we plan to assess how the macroeconomic environment once the property reopens might affect EBITDA and discretionary cash flow generation and...
