...- Spain-based gaming company Cirsa Enterprises announced a 400 million 5.5-year senior notes issuance, the proceeds of which it will primarily use to repay its 55 million revolving credit facility (RCF) issued in 2020 and partially redeem early its outstanding 2023 $495 million notes. - Cirsa's operating performance improved during the second quarter, although leverage will likely remain very high and free operating cash flow (FOCF) weak over the next 12 months. - We furthermore see continuing uncertainty as regards the impact of COVID-19 on its Latin America (LatAm) operations, although we assume Cirsa should be able to withstand the ongoing disruptions in operations, thanks to its business model, improving operating trends, comfortable liquidity buffer, and contained capital spending (capex). - We therefore revised our outlook on Cirsa to stable from negative and affirmed our 'B-' long-term issuer credit rating, the 'B-' issue rating on the senior secured debt, and the '###' issue rating...
