| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for Harrah's Entertainment Inc. > News item |
S&P cuts Harrah's to SD, ups notes to B
Standard & Poor's said it lowered the corporate credit rating on Harrah's Entertainment Inc. and its wholly owned subsidiary Harrah's Operating Co. Inc. to SD from CC.
The agency also lowered the company's senior unsecured and subordinated debt issues to D from C with recovery rating at 6. Ratings were removed from CreditWatch, where they were placed with negative implications Nov. 7.
The agency raised Harrah's Operating Co.'s new senior secured second-priority notes to B from B- with recovery rating revised to 2 from 4. The changes reflect a substantially lower amount of the notes entering the capital structure than previously offered by the company.
S&P affirmed Harrah's Operating Co.'s first-lien senior secured credit facilities at B+ with recovery rating at 1.
The actions follow the settlement of the company's below-par debt tender offer, which S&P said was tantamount to default given the distressed financial condition of the company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.