S&P keeps Cannery Casino on positive watch

Standard & Poor's said the B+ corporate credit rating on Cannery Casino Resorts, LLC, along with all issue-level ratings on the company, remains on CreditWatch with positive implications, where it was placed Dec. 12, 2007, following the announcement that Crown Ltd. (BBB/negative/A-3) would acquire Cannery for about $1.8 billion.

The sale is now expected to close in early 2009 following the licensing approval of Crown by regulators in Nevada and Pennsylvania.

S&P said that in resolving the CreditWatch listing, it will continue to monitor developments associated with the planned acquisition of the company.

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