S&P: Cannery on positive watch

Standard & Poor's said it placed its ratings on Cannery Casino Resorts, LLC on CreditWatch with positive implications.

The agency said that the CreditWatch follows the recent announcement that Cannery Casino Resorts will be acquired by Crown Ltd. (BBB/stable/A-2) for $1.8 billion, noting that the sale price does not include the assumption by Crown of any cash and debt outstanding.

Upon completion of the sale, from which a portion of the proceeds is expected to be used to repay all debt balances outstanding, S&P said it would withdraw its ratings on Cannery Casino Resorts, including the corporate credit rating at B+, senior secured local currency at BB, $110 million revolving bank loan due 2012 at BB/1, $285 million first-lien delayed draw term bank loan due 2013 at BB/1, $350 million first-lien term bank loan due 2013 at BB/1 and $115 million second-lien term bank loan due 2014 at B-/6.

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