S&P drops Harrah's

Standard & Poor's said it lowered its corporate credit rating on Harrah's Entertainment Inc. and its wholly owned subsidiary, Harrah's Operating Co. Inc., to CC from B.

At the same time, the agency said it lowered the issue-level rating on the company's secured loan to B+ from BB-.

In addition, the agency said it lowered the rating on each of the company's senior unsecured and subordinated debt issues to C.

All ratings remain on Creditwatch with negative implications, the agency said, noting that these actions follow the company's announcement that it is offering to exchange up to $2.1 billion of proposed new second-lien senior secured notes for a portion of each of the outstanding senior unsecured and subordinated notes in the capital structure.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.