Recovery Report: Great Canadian Gaming Corp.'s Recovery Rating Profile Sep 11
Standard & Poors, September 2011
Abstract
On Sept. 19, 2011, Standard & Poor's Ratings Services assigned its 'BBB' issue-level rating, and '1' recovery rating, to Great Canadian Gaming Corp. 's (GCG; BB+/Stable/--) C$350 million revolving credit facility, maturing July 21, 2016. We also affirmed our 'BBB' issue-level rating on the company's existing secured debt. The '1' recovery rating on the debt is unchanged, indicating our expectation of very high (90%-100%) recovery in a default scenario. These rating actions follow today's affirmation of the 'BB+' long-term corporate credit rating on GCG, following the increase to the company's revolving credit facility to C$350 million from C$200 million. We are also lowering our issue-level rating on GCG's subordinate notes to 'BB-' from 'BB' and revising the recovery rating on...
Companies mentioned in this report are:
- Great Canadian Gaming Corp.
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: Full Analysis
- Great Canadian Gaming Corp.
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