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S&P rates Eldorado Resorts, notes B+
Standard & Poor's said it assigned a preliminary B+ corporate credit rating to Eldorado Resorts LLC.
The agency also said it assigned a preliminary B+ rating to the company's proposed $180 million senior secured notes due 2019 with a preliminary recovery rating of 3, indicating 50% to 70% expected recovery in a default.
The proceeds will be used to repay its existing indebtedness and preferred equity interests.
The outlook is stable.
The ratings reflect its limited diversity as the vast majority of the company's EBITDA derives from a single property and the fact that both of its properties are in relatively competitive markets, S&P said.
These factors are somewhat offset by an expectation for at least modest growth in EBITDA, which should result in credit metrics that are strong for the rating and provide a cushion in the event these longer term risks materialize, the agency said.
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