Moody's takes actions on Caesars Entertainment

Moody's Investors Service said it several rating actions on Caesars Entertainment Corp. in response to the company's proposed restructuring and refinancing plan.

The actions include:

• Caesars Entertainment Resorts Properties, LLC (newly formed subsidiary): The assignment of a B3 corporate family rating, B3-PD probability of default rating, stable outlook, B2 rating on its credit facilities and B2 and Caa2 notes ratings;

• Caesars Entertainment Operating Co. (an existing subsidiary of Caesars Entertainment Corp.): The assignment of a Caa2 corporate family rating and Caa2-PD probability of default rating;

• Caesars Entertainment Operating Corp.: The affirmation of existing issue-level ratings; and

• Caesars Entertainment Corp.: The affirmation of the Caa2 corporate family rating, Caa2-PD probability of default rating and negative outlook.

The company announced its intention to restructure its commercial mortgage backed securities and mezzanine loans, refinance its Linq/Octavius secured loan, and transfer Octavius/Linq Holding Co., LLC to Caesars Entertainment Resorts Properties, LLC, a newly formed subsidiary of Caesars Entertainment Corp.

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