The owner of the Twin River gambling facility got another week from its lenders to work out its financial problems, but that wasn’t enough to prevent its credit rating from being downgraded for a second time this month.

UTGR Inc., which owns Twin River, in Lincoln, missed a loan payment this month, prompting negotiations with its lenders and collection efforts by contractors who worked on the building’s $225-million reconstruction.

UTGR and its lenders entered into a pact, known as a forbearance agreement, which allows the company to work out payment plans with its lenders and creditors.

That agreement was set to expire yesterday, but the two sides agreed to extend it for a week, according to Twin River spokeswoman Patty Doyle.

“We’ve made tremendous progress with our lenders this week. We’re quite hopeful we will reach a long-term agreement with [them],” Doyle said.

The missed payment has triggered two ratings downgrades on UTGR by the Standard & Poor’s Corp. ratings unit.

On March 4, S&P lowered UTGR’s corporate credit rating to B-, from B+, and placed the ratings on its “CreditWatch” list with negative implications. S&P went further yesterday, lowering UTGR’s rating three notches, from B- to CCC-.

“The downgrade reflects our ongoing concerns about a potential bankruptcy filing as the company reportedly continues to negotiate a forbearance agreement with its lenders,” according to an S&P report. “While we believe that incentives exist for the company and its lenders to reach an extended agreement, the new ratings better reflect the near-term risk factors for a potential bankruptcy filing if the parties are not able to come to an agreement.”

“Credit ratings by their very nature are very conservative,” Doyle said.

The facility, which includes video slots, a dog track, and restaurant and entertainment offerings, is operating normally.

Twin River contributes to gambling revenues in the state’s budget, and revenues have been up this year.

Altogether, the state expects to take in about $243 million from Twin River’s video slots for the year that will end June 30, and about $256 million for the year that will start July 1.

The Dimeo Construction Co., the Providence contractor that led the reconstruction at Twin River, put liens on the property to secure nearly $6 million from UTGR, according to documents on file in Lincoln Town Hall.

“Some of the money was overdue,” said Stephen Rutledge, Dimeo chief executive officer.

Subcontractors who worked on Twin River with Dimeo also filed liens during the last week to collect about $830,000 in unpaid bills from UTGR.

Arden Engineering, of Pawtucket, seeks $635,000, and Legere Group, of Avon, Conn., seeks about $195,000 from UTGR, according to municipal filings made in the last week.

Arden Engineering installs heating and cooling systems, while Legere produces custom woodwork for building interiors.

pgrimald@projo.com