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Research Update: Harrah's Rating Raised To 'B-'; Proposed Second-Lien Notes Rated 'CCC' (Recovery Rating: 6) Apr 10 Product Image

Research Update: Harrah's Rating Raised To 'B-'; Proposed Second-Lien Notes Rated 'CCC' (Recovery Rating: 6) Apr 10

  • Published: April 2010
  • Standard & Poors

Abstract
U.S. casino operator Harrah's announced a $500 million (potentially up to $750 million) second-lien senior secured notes offering. We are rating the proposed notes 'CCC' with a recovery rating of '6'. We are also raising our corporate credit rating on Harrah's to 'B-' from 'CCC+'. The stable outlook reflects our view that, despite very weak credit measures, Harrah's has adequate cushion under its financial covenant and sufficient liquidity to maintain the 'B-' rating over our one-year outlook period. On April 13, 2010, Standard & Poor's Ratings Services raised its corporate credit and issue-level ratings on Las Vegas-based Harrah's Entertainment Inc. (HET) and its wholly owned subsidiary, Harrah's Operating Co. Inc. (HOC), along with all issue-level ratings on Harrah's debt, by...

Companies mentioned in this report are:
- Caesars Entertainment Corp.
- Caesars Entertainment Operating Co. Inc.
- Caesars Entertainment Inc.

Action: New Rating
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured READ MORE >

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

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