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S&P: Isle of Capri on watch
Standard & Poor's said it placed its ratings on Isle of Capri Casinos Inc., including its BB- corporate credit rating, on CreditWatch with negative implications.
The agency added that the CreditWatch listing follows the filing of a Schedule 13D by Hayground Cove Asset Management LLC, disclosing its purchase of 5.53% of Isle's common shares outstanding and its view that Isle should pursue equity alternatives to support its future growth.
According to S&P, while ratings on Isle also consider the performance of Isle of Capri Black Hawk LLC (B+/stable), an unrestricted subsidiary that is 57% owned by Isle, given its importance to the overall portfolio and the Isle brand, the outlook at this time remains stable.
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