S&P upgrades Golden Nugget

Standard & Poor's said it raised Golden Nugget Inc.'s corporate credit rating to B from CCC, its $50 million first-lien revolving credit facility due 2013, $210 million first-lien term loan and $120 million delayed draw first-lien term loan to BB- with a recovery rating of 1 from CCC+ and its $165 million second-lien term loan all due 2014 to B- with a recovery rating of 5 from CCC- with a recovery rating of 3.

The ratings were removed from CreditWatch with developing implications, where they were placed on July 25, and the outlook is stable.

The agency said the upgrade reflects the agreement between Golden Nugget's parent company, Landry's Restaurants Inc., and its senior unsecured note holders that resolves all legal issues regarding the notes' acceleration, which resulted from the company not filing its financial statements on time.

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