Recovery Report: Peninsula Gaming LLC?s Recovery Rating Profile Dec 11
Standard & Poors, December 2011
Abstract
We are updating our recovery analysis on Dubuque, Iowa-based gaming operator Peninsula Gaming LLC, as part of our ongoing surveillance. Standard & Poor's Ratings Services' simulated default scenario contemplates a payment default in 2015 and assumes a reorganization following the default. We are using an emergence EBITDA multiple of 6x to value the company. (For Standard & Poor's recovery rating methodology, see "Criteria Guidelines For Recovery Ratings," published Aug. 10, 2009, on RatingsDirect on the Global Credit Portal.) The borrowers under the senior secured revolving credit facility (unrated) are Peninsula Gaming LLC and its subsidiaries other than Peninsula Gaming Corp. The senior secured notes and senior unsecured notes are co-issued by the company and its Peninsula Gaming Corp. subsidiary. There...
Companies mentioned in this report are:
- Peninsula Gaming LLC
- Peninsula 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
- Peninsula Gaming LLC
- Peninsula Gaming Corp.
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