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Twin River Worldwide Holdings Inc. Upgraded To 'BB-'; Preliminary Ratings Assigned To New Credit Facility
Standard & Poors, May 2011
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.
U.S. gaming company Twin River has meaningfully outperformed our previous expectations and we are raising our corporate credit rating to 'BB-' from 'B+'. Twin River plans to refinance its existing credit facility with a new $285 million credit facility, consisting of a $260 million term loan and a $25 million revolving credit facility. We are also assigning a preliminary 'BB' issue-level rating to Twin River's proposed credit facility with a preliminary recovery rating of '2'. The stable rating outlook reflects our expectation that, notwithstanding the potential longer term threat of the introduction of gaming in Massachusetts, Twin River will be able to sustain credit measures in line with the higher rating. NEW YORK (Standard & Poor's) May 9, 2011--Standard &...
Companies mentioned in this report are: Twin River Worldwide Holdings Inc.
Action: New Rating
Action: Outlook: Stable
Action: Preliminary Rating
Twin River Worldwide Holdings Inc.