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Caesars' Proposed Amended/Extended First-Lien Credit Facilities Assigned Preliminary 'B' Issue-Level Ratings
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
U.S. casino operator Caesars Entertainment announced its intent to seek amendments to its first-lien senior secured credit facilities. We are assigning preliminary issue-level ratings to Caesars' proposed amended and extended term loans and revolver, the sizes of which are subject to lender participation. The stable rating outlook reflects our expectation that EBITDA will grow at least modestly in 2011 and 2012, which, despite very weak credit measures, should allow the company to continue to meet debt service obligations. NEW YORK (Standard & Poor's) May 5, 2011--Standard & Poor's Ratings Services said today that it assigned its preliminary issue-level ratings to Caesars Entertainment Operating Co. Inc.'s (CEOC) proposed amended and extended first-lien senior secured term loans and revolver, the sizes of...
Companies mentioned in this report are: Caesars Entertainment Corp.,Caesars Entertainment Operating Co. Inc.
Action: New Rating
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