S&P rates Eldorado Resorts CCR B, ups MTR

Standard & Poor's said it assigned its B corporate credit rating to Eldorado Resorts Inc.

The outlook is negative.

At the same time, the agency lowered its corporate credit rating on Eldorado Resorts LLC to B from B+ and removed all ratings from CreditWatch, where they were placed with negative implications on Sept. 10.

The recovery rating on Eldorado Resorts LLC's 8 5/8% senior secured notes was revised to 2 from 3 and the issue-level rating was affirmed at B+ in conjunction with the lowering of the corporate credit rating to B from B+ and S&P’s notching criteria.

The agency also raised its corporate credit rating on MTR Gaming Group Inc. to B from B- and removed all ratings from CreditWatch, where they were placed with positive implications on Sept. 10.

It also raised the issue-level rating to B from B- on MTR's 11½% senior secured second-lien notes, reflecting the upgrade of the company. The recovery rating remains 3.

"The B corporate credit rating on ERI reflects our assessment of the company's business risk profile as 'weak,' and its financial risk profile as 'highly leveraged,'" S&P credit analyst Ariel Silverberg said in a news release.

S&P said the ratings on ERI, Eldorado Resorts LLC, and MTR reflect a consolidated view of the three companies.

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