Caesars Entertainment Inc. recently increased its ownership of CBAC Borrower LLC, which owns the Horseshoe Baltimore Casino, to 76% by purchasing a minority interest from one of its joint venture partners. We believe Horseshoe Baltimore is strategically important to Caesars and that its majority ownership and potential support will improve CBAC Borrower's credit profile. As a result, we raised our issuer credit rating on CBAC to 'B-' from 'CCC+'. The outlook is stable. The stable outlook reflects our expectation that even though CBAC's leverage will remain very high through 2022, EBITDA will cover fixed charges and liquidity will be adequate through 2022. It also incorporates our expectation that Caesars would provide support to CBAC because of its strategic importance. Furthermore,
