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S&P downgrades River Rock
Standard & Poor's said it lowered the issuer credit rating on River Rock Entertainment Authority to D from CCC, as well as the rating on the company's existing $200 million senior notes to D from CCC.
The actions followed the authority's failure to repay the principal on its existing $200 million senior notes at maturity.
The agency said it withdrew the preliminary B- issue-level rating on its proposed new $205 million senior notes, as well as the rating on the existing notes.
The action stems from the authority's inability to successfully repay the principal on its senior notes due Nov. 1, 2011, which constitutes a default under the terms of the notes' indenture, S&P said.
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