Recovery Report: NP Opco LLC?s Recovery Rating Profile Jan 12
Standard & Poors, January 2012
Abstract
We are updating our recovery analysis on Las Vegas, Nev.-based gaming operator NP Opco LLC (Opco), following Station Casinos LLC's (the ultimate holding-company parent) issuance of $650 million of senior notes. Opco's recovery and issue-level ratings were not affected by this action. Standard & Poor's Ratings Services simulated default scenario and valuation on Opco are based on our consolidated enterprise valuation of Station Casinos LLC. Our simulated default scenario contemplates a payment default in 2015 and assumes a reorganization following the default. We are using an emergence EBITDA multiple of 7x to value Station Casinos and its subsidiaries. (For Standard & Poor's recovery rating methodology, see "Criteria Guidelines For Recovery Ratings," published Aug. 10, 2009, on RatingsDirect.) Station Casinos recently...
Companies mentioned in this report are: Station GVR Acquisition LLC,NP Opco LLC,Station Casinos LLC
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
Station GVR Acquisition LLC,NP Opco LLC,Station Casinos LLC
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