S&P rates Caesars converts BB+

Standard & Poor's said it assigned its BB+ rating to Caesars Entertainment Inc.'s proposed $300 million floating-rate contingent senior notes due 2024.

Proceeds will be used to repay amounts outstanding under the company's existing credit facilities.

At the same time, S&P affirmed its ratings on the company, including its BB+ corporate credit rating.

The outlook is stable.

S&P said the ratings for Caesars Entertainment reflect its sizable and diversified asset and cash flow base, which includes a few well-known and recognizable brand names. These factors are offset by a portfolio that includes several older assets, some of which are not market leaders, increased expected near-term capital spending, and relatively high debt leverage.

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