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Research Update: Caesars Entertainment Extended Term Loan Rated 'B' (Recovery Rating: 2) May 11 Product Image

Research Update: Caesars Entertainment Extended Term Loan Rated 'B' (Recovery Rating: 2) May 11

  • ID: 1807649
  • May 2011
  • Standard & Poors

FEATURED COMPANIES

  • Caesars Linq LLC
  • Caesars Octavius LLC
  • MORE

Abstract
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. READ MORE >

- Caesars Entertainment Corp.
- Caesars Entertainment Operating Co. Inc.
- Caesars Octavius LLC
- Caesars Linq LLC

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