...- We view New Zealand-based casino operator Skycity Entertainment Group Ltd.'s fully underwritten NZ$230 million institutional equity raising as supportive of its '###-' rating. - Further, the equity raising and revised debt facilities will materially bolster the group's liquidity. - We consider Skycity's recapitalization plan to be consistent with the group's financial policies and commitment to maintaining the '###-' rating amid leverage pressures associated with the group's COVID-19-related casino closures and development program. - On June 19, 2020, S&P Global Ratings affirmed the '###-' long-term issuer credit rating on Skycity and issue ratings on its debt. We removed all ratings from CreditWatch, where they were placed with negative implications on March 24, 2020. The outlook is negative. - The negative outlook reflects our view that downside risks to the company's earnings recovery remains, given our expectation of recessionary conditions, its Adelaide casino remaining closed, and...
