S&P cuts Black Gaming notes to D

Standard & Poor's said it lowered Black Gaming LLC's subsidiaries' 12¾% senior subordinated discount notes due 2013 to D from C. The notes were issued by wholly owned subsidiaries B&BB Inc., RBG LLC and Virgin River Casino Corp.

The D corporate credit rating on Black Gaming remains unchanged.

S&P said the action stems from the company's announcement that it did not make the $4.2 million semi-annual interest payment due July 15 on its senior subordinated notes as it is prohibited from doing so until the payment default under its senior notes has been cured or waived. There is a 30-day grace period.

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