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Ameristar Casinos Inc. Credit Facility, Notes Assigned Ratings May 11
Standard & Poors, May 2011
Abstract
U.S. gaming operator Ameristar completed a $2.2 billion recapitalization transaction, which included entering into a new $1.4 billion credit facility and issuing $800 million of senior notes. The company used the proceeds from the debt issues to repay its existing debt and fund a share repurchase. We are assigning the credit facility our issue-level rating of 'BB+' with a recovery rating of '1', and the senior notes our 'B+' issue-level rating with a recovery rating of '5'. The stable rating outlook reflects our expectation that despite increased leverage, Ameristar will continue to generate good levels of free operating cash flow and will focus its cash flow primarily on debt repayment. NEW YORK (Standard & Poor's) May 25, 2011--Standard & Poor's...
Companies mentioned in this report are: Ameristar Casinos Inc.
Action: New Rating
Action: Outlook: Stable
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.
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