S&P rates American Entertainment Properties floaters B-

Standard & Poor's said it assigned a B- rating to the proposed $250 million senior floating-rate notes due 2014 to be issued by American Entertainment Properties Corp. and its American Entertainment Properties Finance Corp. subsidiary.

Proceeds from the proposed notes, in addition to excess cash that exists at the company, will be used to fund a dividend to the company's parent, the agency said.

In addition, a B+ corporate credit rating and stable outlook were assigned to the company, S&P noted.

Concurrently, S&P said it revised its outlook on American Entertainment Properties' subsidiary, American Casino & Entertainment Properties LLC, to stable from positive.

At the same time, the company's existing ratings, including its B+ corporate credit rating, were affirmed, the agency added, stating that the ratings on the companies are based on the consolidated credit quality of American Entertainment.

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