S&P gives Riviera loan B+

Standard & Poor's said it assigned its loan and recovery ratings to Riviera Holding Corp.'s planned $245 million senior secured credit facility.

The loan is rated B+, one notch higher than the B corporate credit rating on Riviera, with a recovery rating of 1, the agency said, adding that proceeds from the proposed bank facility will primarily be used to refinance existing debt.

Concurrently, S&P said it affirmed all other ratings for Riviera, including its B corporate credit rating.

The outlook is developing.

S&P said that the B corporate credit rating on Riviera reflects the company's high debt leverage and its small portfolio of two casinos, the larger one an older property located north of the main portion of the Las Vegas Strip.

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