S&P affirms Resorts International loans

Standard & Poor's said it affirmed its B+ rating and a recovery rating of 2 on Resorts International Holdings LLC's proposed $660 million senior credit facility. The outlook is stable.

At the same time, S&P affirmed its B- rating and a recovery rating of 5 on the company's proposed $400 million eight-year second-lien term loan.

In addition, S&P affirmed its B+ corporate credit rating on the company.

S&P said the affirmation follows a modification to the source of equity funding. The majority owners of Resorts now plan to finance a portion of its roughly $340 million equity contribution through an unsecured term loan providing for loans up to $125 million.

S&P said it views this loan as temporary financing and expects it to be repaid within about six months through raising additional equity.

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