| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for Hard Rock Hotel Inc. > News item |
S&P keeps Hard Rock on developing watch
Standard & Poor's said its ratings on Hard Rock Hotel Inc., including its B+ corporate credit rating, remain on CreditWatch with developing implications where they were placed on Feb. 22, 2006, following the company's announcement that its owner, Peter Morton, had agreed to sell the Hard Rock Hotel & Casino in Las Vegas to Morgans Hotel Group Co. (unrated) for $421 million, which is subject to a number of adjustments.
The agency added that at Sept. 30, there was $189 million of debt outstanding and debt to EBITDA, adjusted for operating leases, was 5.1x, in line with the ratings.
In resolving its CreditWatch listing, S&P said it will monitor the situation as it develops, noting that should the company's outstanding bonds be fully redeemed, it would withdraw its ratings and remove them from CreditWatch.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.