S&P acts on gaming corporates

S&P said it reviewed its recovery and issue-level ratings in the U.S. gaming sector for most speculative-grade corporate issuers that were labeled as "under criteria observation" (UCO) after publishing its revised recovery ratings criteria on Dec. 7.

With its criteria review complete, the agency removed the UCO designation from these ratings and revised the issue-level and recovery ratings as appropriate.

The actions stem solely from the application of S&P’s revised recovery criteria and do not reflect any change in its assessment of the corporate credit ratings for issuers of the affected debt issues.

Jacobs Entertainment Inc.’s senior secured first-lien debt ratings were upgraded to BB- from B+ with the recovery rating revised to 1 from 2H.

Seminole Hard Rock Entertainment Inc.’s senior secured rating was upgraded to BBB- from BB+ with the recovery rating revised to 1 from 2H.

Sugarhouse HSP Gaming Prop. Mezz. LP’s senior secured rating was lifted to CCC+ from CCC with the recovery rating revised to 5H from 6.

Caesars Entertainment Resort Properties LLC’s senior secured second-lien notes were downgraded to CC from CCC- with the recovery rating revised to 5L from 4H.

Chester Downs and Marina LLC’s senior secured rating was lowered to CCC from CCC+ with the recovery rating revised to 2L from 1.

Rivers Pittsburgh Borrower LP’s senior secured first-lien notes were affirmed at B with the recovery rating revised to 4H from 3L.

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