S&P cuts Peninsula; rates loans BBB-, B+

Standard & Poor's said it lowered its corporate credit rating on Peninsula Gaming LLC to B from B+ and removed it from CreditWatch.

"At the same time, we assigned issue-level and recovery ratings to Peninsula's new $875 million credit facilities, consisting of a $50 million priority revolving credit facility and an $825 million term loan, both due Nov. 17, 2017," said S&P credit analyst Melissa Long in a news release.

The agency said it assigned the revolver an issue-level rating of BB- and a recovery rating of 1, indicating an expectation of very high recovery for lenders in the event of a payment default.

Additionally, the agency said it assigned the term loan an issue-level rating of B+ and a recovery rating of 2, indicating an expectation of substantial recovery for lenders in the event of a default.

S&P said the rating assignment follows the concurrent closing of the company's new credit facility with its acquisition by Boyd Gaming Corp. and S&P's review of final documentation.

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