...- All land-based operations of Estonia-based gaming company Odyssey Europe Holdco S.a.r.l (Olympic Entertainment Group AS), apart from the operations in Lithuania, are currently closed due to the rapid spread of COVID-19. Moreover, the Latvian government has suspended all land-based and online gaming licenses, with any reinstatement requiring new legislation. In 2019, Latvia represented around 60% of Olympic's EBITDA. - Olympic had about 45 million cash on balance at the end of March, and we estimate that it requires about 10 million to restart operations. We forecast cash burn of about 5 million per month during shutdown, down from about 12 million prior to mitigating actions and absent any further funding; in our view, there is potential liquidity pressure over the next six months, and a growing risk of covenant breach later in 2020. - We are therefore lowering Olympic's long-term issuer and issue credit ratings from 'B' to '###+'. - The negative outlook indicates the risk of further...
