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Great Canadian Gaming Corp. Affirmed At 'BB+' On Refinancing; Second-Lien Debt Rating Lowered To 'BB-' From 'BB' Sep 11

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Abstract
We are affirming our 'BB+' long-term corporate credit rating on Great Canadian Gaming Corp. (GCG), and our 'BBB' issue-level rating on the company's existing secured debt. We are also assigning our 'BBB' issue-level rating, and '1' recovery rating, to the company's C$350 million revolving credit facility, maturing July 21, 2016. The affirmation and new issue follow the increase to the company's revolving credit facility to C$350 million from C$200 million. In addition, we are lowering our issue-level rating on GCG's US$170 million second-lien notes to 'BB-' from 'BB' because of the increase in secured priority debt that would rank ahead in the event of default. In addition, we are revising the recovery rating to '6' from '5'. The ratings on...

Companies mentioned in this report are:
- Great Canadian Gaming Corp.

Action: Affirmed
Action: Downgraded
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.

Companies Mentioned

- Great Canadian Gaming Corp.

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Great Canadian Gaming Corp. Affirmed At 'BB+' On Refinancing; Second-Lien Debt Rating Lowered To 'BB-' From 'BB' Sep 11

Fax order form

Order information

Product name

Web Address

Office Code

Report Formats

Contact information

Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Payment information

Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Please fax this form to:
(646) 607-1907 or (646) 964-6609 (from USA)
+353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Please fax this form to:
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+353-1-481-1716 or +353-1-653-1571 (from Rest of World)