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Moody's affirms Hard Rock Park at Caa1
Moody's Investors Service said it lowered the probability-of-default rating for HRP Myrtle Beach Operations, LLC to Caa1 from B3 and affirmed its Caa1 corporate family rating, as well as the B2 rating (LGD2, 26%) on its senior secured floating-rate notes due 2012 and the Caa2 rating (LGD5, 72%) on the 12½% junior secured notes due 2013.
The Caa1 corporate family rating reflects the high financial risk of the startup project, as well as its modest equity component relative to other rated entertainment development phase projects, the agency said.
The B2 rating on the $155 million senior secured bonds, two notches higher than the corporate family rating, reflects the substantial junior debt cushion provided by both the Caa2 rated $100 million of junior secured bonds and the $64 million pay-in-kind notes (unrated) issued by holding company HRP Myrtle Beach Holdings, LLC, Moody' said.
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