Why the Crown (ASX:CWN) share price is dropping lower again today

Published

5 years ago

November 20, 2020

In late afternoon trade the Crown Resorts Ltd (ASX: CWN) share price is on course to end the week in the red.

The casino and resorts operator’s shares are currently down 1.5% to $9.32.

Why is the Crown share price dropping lower today?

Investors have been selling Crown’s shares on Friday after a leading ratings agency downgraded its issuer rating.

According to the release, Moody’s Investors Service has informed the company that it has downgraded its issuer rating from Baa2 to Baa3.

Furthermore, the ratings agency has advised Crown that the Baa3 rating remains on review and could still be downgraded again in the future.

In light of this downgrade, Crown has revealed that there will be an increase in its interest costs.

The…

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