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S&P cuts Herbst
Standard & Poor's said it lowered its corporate credit rating on Herbst Gaming Inc. to D from CCC.
In addition, the agency said it lowered its rating on the company's 7% senior subordinated notes due 2014 to D from CC.
These ratings were removed from CreditWatch, where they were placed with negative implications April 2, the agency added, noting that the rating on Herbst's 8.125% senior subordinated notes due 2012 was lowered to C from CC.
Also, S&P said it lowered the rating on Herbst's senior secured credit facilities to CCC- from B-, the recovery rating on the facilities was revised to 3, indicating the expectation for meaningful recovery in the event of a payment default, from 1.
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