S&P puts Hard Rock Hotel on developing watch

Standard & Poor's said it placed Hard Rock Hotel Inc.'s B+ corporate credit rating and B senior secured debt rating on CreditWatch with developing implications following the company's announcement that it will explore the potential sale of its Hard Rock Hotel & Casino in Las Vegas after receiving a number of proposals to purchase the asset.

Hard Rock had about $200 million in debt outstanding at Sept. 30.

Developing implications suggest that ratings could be affected either positively or negatively, the agency said. A transaction that might have a positive effect would be an acquisition by a higher-rated entity, whereas the sale of the asset to a more highly leveraged entity would have a negative effect.

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