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Research Update: Eldorado Resorts LLC Assigned Preliminary 'B+' Corporate Credit Rating; Outlook Stable May 11
Standard & Poors, May 2011
U.S. gaming operator Eldorado Resorts plans to refinance its existing debt and preferred equity interests with proceeds from a proposed $30 million senior secured credit facility and a proposed $180 million senior secured notes issue. We are assigning our preliminary 'B+' corporate credit rating to the company. We are also assigning a preliminary 'B+' issue-level rating to the proposed senior secured notes, with a preliminary recovery rating of '3'. The rating outlook is stable, reflecting our expectation that modest EBITDA growth and scheduled amortization payments will result in gradual deleveraging and the ability for our rating to withstand potential additional competition over the longer term. On May 16, 2011, Standard & Poor's Ratings Services assigned its preliminary 'B+' corporate credit...
Companies mentioned in this report are: Eldorado Resorts LLC
Action: Outlook: Stable
Action: Preliminary Rating
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Eldorado Resorts LLC