- Language: English
- Published: July 2012
- Region: Germany
Research Update: Circus And Eldorado Joint Venture's Proposed Senior Secured Notes Assigned Preliminary 'B-' Rating Feb 12
- Published: February 2012
- Standard & Poors
Reno-based gaming operator Circus and Eldorado Joint Venture announced a $120 million senior secured notes offering and will use proceeds, along with a portion of excess cash on the balance sheet and a planned equity contribution, to refinance its existing notes due March 1, 2012. We are assigning the proposed senior secured notes our preliminary 'B-' issue-level rating, with a preliminary recovery rating of '3'. We are also revising the CreditWatch implications on our 'CCC-' corporate credit rating on the company to developing, from negative. The CreditWatch developing listing reflects the downside risk given the company's near-term refinancing needs and the upside potential should the company successfully execute the proposed transaction. On Feb. 6, 2012, Standard & Poor's Ratings Services...
Companies mentioned in this report are: Circus and Eldorado Joint Venture,Silver Legacy Capital Corp.
Action: CreditWatch Update
Action: New Rating
Action: Preliminary Rating
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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Circus and Eldorado Joint Venture,Silver Legacy Capital Corp.