S&P affirms Harrah's Operating

Standard & Poor's said it affirmed its issue-level and recovery ratings on the 11¼% senior secured notes due 2017 of Harrah's Operating Co. Inc., a wholly owned subsidiary of Harrah's Entertainment Inc.

The affirmation follows a $720 million add-on to the notes, bringing the total size of the issue to about $2.1 billion. The notes are rated B with a recovery rating of 1.

Proceeds from the notes will predominantly be used to repay existing debt outstanding under the senior secured credit facility.

At the same time, S&P said it affirmed all of its existing ratings on Harrah's Entertainment and Harrah's Operating, including the CCC+ corporate credit rating.

The outlook is developing.

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