|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||63.77 - 65.59|
|52 Week Range||38.00 - 68.10|
|Beta (5Y Monthly)||0.48|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||1.72 (2.71%)|
|Ex-Dividend Date||Mar 24, 2021|
|1y Target Est||N/A|
Rating Action: Moody's affirms CityCenter's B2 CFR, outlook remains negative; SGL downgraded to SGL-3Global Credit Research - 24 Mar 2021New York, March 24, 2021 -- Moody's Investors Service affirmed CityCenter Holdings, LLC's ("CityCenter") B2 Corporate Family Rating ("CFR") and B2-PD Probability of Default Rating, as well as the company's B2 rated senior secured revolver and term loan B. The company's Speculative Grade Liquidity rating was downgraded to SGL-3 from SGL-2. The outlook remains negative.Moody's affirmed the B2 CFR because CityCenter has adequate liquidity to manage through temporary operating weakness related to the coronavirus.
The $5.5 billion cash buyout of minority shareholders at JSH will also turn the holding company's net cash into a net debt position.However, Moody's expects adjusted FFO/net debt will improve to 40%-50% over the next 1-2 years as earnings and cash flow improve amid the recovery from the pandemic. This expectation also assumes that the group will pursue a prudent investment strategy and other measures to generate free cash flow and reduce debt levels, given its long history of conservative financial management.In addition to the acquisition of the 15% stake in JSH, the group will eliminate cross-shareholdings between JMH and JSH through cancelling JSH's 59% stake in JMH.
"The proposed issuance will not impact Zhongsheng's Baa3 issuer rating or the stable outlook, because most of the proceeds will be used to refinance existing debt, while the issuance will also improve the company's debt maturity profile," says Roy Zhang, a Moody's Vice President and Senior Analyst, and also Moody's Lead Analyst for Zhongsheng. Zhongsheng's Baa3 rating reflects its strong position in China's (A1 stable) auto dealership market, its large dealership network, favorable brand and market exposure and efficient operational management, which have contributed to its steady business performance. The rating also reflects Zhongsheng's sound financial profile, prudent financial policy and linkage with its strategic shareholder, Jardine Strategic Holdings Limited (Jardine Group, A1 stable).