S&P drops Resorts International

Standard & Poor's said it lowered its ratings on Resorts International Hotel and Casino Inc. to CCC from B-.

At the same time, ratings were removed from CreditWatch with negative implications, where they were placed on Aug. 15, the agency said.

The outlook is negative.

S&P said that the downgrade underscores its concerns about Resorts' liquidity position given weak operating performance amid an increasingly competitive operating environment in Atlantic City, noting that ratings on reflect its narrow business focus as owner of a single casino, tight liquidity position, high debt leverage and the potential for increased competition in and around Atlantic City during the intermediate term.

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