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Recovery Report: Harrah's Recovery Rating Profile Jun 09 Product Image

Recovery Report: Harrah's Recovery Rating Profile Jun 09

  • ID: 1785810
  • June 2009
  • Standard & Poors

Abstract
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.

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: Full Analysis

Note: Product cover images may vary from those shown

- Caesars Entertainment Corp.
- Caesars Entertainment Operating Co. Inc.
- Caesars Entertainment Inc.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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