S&P cuts Resorts International view to negative

Standard & Poor's said it revised its outlook on Resorts International Holdings LLC to negative from stable and affirmed the company's ratings, including its corporate credit rating at B, first-lien bank loan at B with a recovery rating of 2 and second-lien bank loan at CCC+ with a recovery rating of 5.

The outlook revision follows disappointing third-quarter performance and management's failure to stabilize the business since it took over operations in April 2005, S&P said.

The ratings reflect the company's highly leveraged capital structure and relatively small portfolio of casino properties.

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