S&P: Landry's notes CCC+

Standard & Poor's said its existing ratings on Landry's Inc. will remain unchanged, following the company's announcement that it will issue new senior unsecured notes and change certain terms and conditions on its proposed bank credit facilities.

S&P said it assigned its CCC+ issue-level rating and a 6 recovery rating to the company's proposed $400 million senior unsecured notes due 2020. The 6 recovery rating reflects an expectation for negligible recovery for lenders in the event of a payment default.

According to S&P, the company will also make changes to its proposed bank credit facilities. However, the B+ issue-level and 2 recovery ratings on the bank credit facilities remain unchanged.

The corporate credit rating on Landry's is B and the outlook is stable. S&P said the B rating continues to reflect the agency's view of Landry's financial risk profile as "highly leveraged."

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