Recovery Report: Harrah's Recovery Rating Profile Jun 09
- ID: 1785810
- June 2009
- Standard & Poors
On June 11, 2009, Standard & Poor's Ratings Services raised its issue-level rating on Harrah-s Operating Co. Inc.'s (HOC) senior secured credit facilities to 'B' (two notches higher than the 'CCC+' corporate credit rating on HOC and holding company parent Harrah's Entertainment Inc.(HET)) from 'B-'. The recovery rating on these loans remains at '1', indicating our expectation of very high (90% to 100%) recovery for lenders in the event of a payment default. At the same time, we raised our issue-level rating on HOC's second-priority senior secured and senior unsecured debt issues, as well as on HET subsidiary Caesars Entertainment Inc.'s subordinated debt issues, to 'CCC-' (two notches lower than the 'CCC+' corporate credit rating) from 'CC'. The recovery rating...
Companies mentioned in this report are:
- Caesars Entertainment Corp.
- Caesars Entertainment Operating Co. Inc.
- Caesars Entertainment Inc.
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Research Type: Full Analysis