Research Update: Caesars Entertainment Extended Term Loan Rated 'B' (Recovery Rating: 2) May 11
- ID: 1807649
- May 2011
- Standard & Poors
U.S. casino operator Caesars Entertainment recently completed an amendment to its senior secured credit facility, which, among other things, resulted in a new approximately $1.2 billion extended term loan due 2018. We are assigning our 'B' issue-level rating to the new term loan, while all existing ratings remain unchanged. The stable rating outlook reflects our expectation that EBITDA will grow at least modestly in 2011 and 2012, which, despite very weak credit measures, should allow the company to continue to meet debt service obligations. On May 27, 2011, Standard & Poor's Ratings Services assigned its issue-level rating to Caesars Entertainment Operating Co. Inc.'s (CEOC) new $1.2 billion senior secured term loan, due 2018. We assigned the first-lien term loan our...
Companies mentioned in this report are:
- Caesars Entertainment Corp.
- Caesars Entertainment Operating Co. Inc.
- Caesars Octavius LLC
- Caesars Linq LLC
Action: New 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. SHOW LESS READ MORE >