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Furthermore, the Australian government's announcement on 30 March that it will provide fortnightly payments to workers throughout the country that have been stood down may help Crown reduce its cash outflows quicker than previously envisaged as employees may use less of their annual leave entitlement - which Crown would need to fund - to substitute their lost wages. Importantly, Crown has no significant bond maturities before the financial year ending June FYE25 - although around AUD million in committed credit facilities mature within the next six months which Fitch expects Crown to be able to renew - manageable covenant risk, and available liquidity to meet operating expenses over the duration of the shutdowns. This includes the effect of Crown's ability to reduce its variable costs in line with the decline in its operations; payment of its interim dividend; and continuing construction of Crown Sydney. Crown is still assessing the financial implications of the shutdown on the business, and has not announced the measures in intends to take to manage its business while the restrictions remain in effect. Crown has now closed its entertainment venues in Melbourne and Perth, apart from the provision of takeaway meals at some of its restaurants, and has also closed Aspinalls, its VIP venue in London. However, we have assumed that Crown would utilise its available liquidity, including cash on hand and undrawn committed facilities, during this period to offset the reduction in cash inflows 1HFY AUD million and AUD million, respectively.

This is despite the significant reduction in Crown's revenue, and high capital expenditure over the remainder of as it completes its Crown Sydney property. Furthermore, we believe that Crown could implement extraordinary measures, such as the suspension premium casino by grupo crown its dividend, even though it has a fixed-dividend policy, to preserve cash and maintain the strength of its balance sheet.

Fitch expects Crown's see more metric, FFO adjusted net leverage, to rise to 1.

Under this case, we have assumed that Crown does not declare a final dividend for FYE20 and interim dividend in FYE21 to preserve its liquidity without the need to raise additional debt, but that final dividends are resumed in FYE We then expect Crown to deleverage quickly from FYE22 as normal operations resume for the premium casino by grupo crown and Crown Sydney commences operations in early

These actions may include standing down staff and a reduction in other overheads, as well as incurring lower gaming taxes which directly reflect the decline in gaming volumes. However, it continues to provide hotel accommodation on a reduced basis, including working with the Australian government to provide rooms to isolate arrivals into the country under current Australian regulations. Fitch believes that the company will be able to reduce its cash outflows significantly over this period, given its highly variable cost structure - benefiting in particular from the ownership of its properties and rentals for the Melbourne land are minimal under the agreement with the Victorian government. Fitch expects Crown's ability to generate cash inflows from its operations to be severely restricted following the Australian government's decision to close casinos nationwide on 22 March as it seeks to slow the spread of coronavirus.