Moody's affirms ROC Finance

Moody's Investors Service said it confirmed the ratings of ROC Finance LLC, including its B3 corporate family and probability of default ratings.

At the same time, the agency said it confirmed the Ba3 ratings on ROC's bank debt and Caa1 rating on its second lien notes were confirmed. The outlook is stable.

Moody's said this confirmation concludes the rating review initiated on Feb. 1, following ROC's announcement that a section of flooring in its Horseshoe Cincinnati casino, under construction, collapsed on Jan. 27. Additionally, the opening of the Horseshoe Cleveland casino project was delayed.

The agency said the confirmation of ROC's B3 corporate family rating reflects Moody's expectation that the construction incidents and the licensing delay will not have a significant negative effect on the budget and timing of completion of both the Cleveland and Cincinnati projects.

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