S&P affirms Riviera

Standard & Poor's said it affirmed its B ratings on Riviera Holdings Corp. and removed the ratings from CreditWatch, where they were placed with developing implications on Nov. 13.

The outlook is developing.

S&P said that the affirmation and CreditWatch resolution follow the company's announcement that the 30-day exclusive negotiating agreement, along with approvals and waivers granted by Riviera's board, which the company entered into with Ian Bruce Eichner and a member of the D.E. Shaw group, expired.

There continue to be questions about Riviera's long-term operating strategy, given its pursuit of strategic alternatives and the more recent discussions to sell the company, the agency noted.

S&P added that the ratings on Riviera reflect the company's high debt leverage and its small portfolio of two casinos, the larger one an older property located north of the main portion of the Las Vegas Strip.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.