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Chester Downs And Marina LLC's Secured Notes Rated 'B+' (Recovery Rating: 1) Mar 12 Product Image

Chester Downs And Marina LLC's Secured Notes Rated 'B+' (Recovery Rating: 1) Mar 12

  • ID: 2085491
  • March 2012
  • Standard & Poors

Abstract
U.S. gaming company Chester Downs and Marina, an indirect majority-owned subsidiary of Caesars Entertainment Corp. (CEC), issued $330 million in senior secured notes due 2020. We are assigning the notes our 'B+' issue-level rating, with a '1' recovery rating. The stable rating outlook reflects the link between Chester Downs and CEC, although we expect credit measures at Chester Downs to remain strong for the rating. NEW YORK (Standard & Poor's) March 8, 2012--Standard & Poor's Ratings Services said today that it assigned its 'B+' issue-level rating to Chester, Pa.-based Chester Downs and Marina's $330 million 9.25% senior secured notes due 2020, co-issued by Chester Downs Finance Corp. In addition, we assigned the notes a recovery rating of '1', indicating our...

Companies mentioned in this report are: Chester Downs and Marina LLC,Caesars Entertainment Corp.,Chester Downs Finance Corp.
Action: New Rating
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.

Chester Downs and Marina LLC,Caesars Entertainment Corp.,Chester Downs Finance Corp.

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