Research Update: Tropicana Entertainment Inc. Assigned 'BB-' Corporate Credit Rating; Outlook Is Stable Feb 12
- ID: 2054898
- February 2012
- Standard & Poors
Las Vegas-based gaming operator Tropicana Entertainment Inc. has announced plans to raise a $175 million senior secured term loan due 2018, the proceeds of which will be used to refinance its existing debt and add cash to the balance sheet. We are assigning our 'BB-' corporate credit rating to the company and assigning our 'BB+' issue-level rating to the proposed senior secured term loan. The stable rating outlook reflects our expectation that credit measures will remain in line with the rating, despite competitive pressures facing two key existing properties and our belief that management will actively pursue expansion or acquisition opportunities. On Feb. 10, 2012, Standard & Poor's Ratings Services assigned its 'BB-' corporate credit rating to Las Vegas-based Tropicana...
Companies mentioned in this report are: Tropicana Entertainment Inc.
Action: New Rating
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Product Type: Research Update
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