S&P affirms Riviera Holdings, off watch

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 Dec. 29.

The outlook is developing.

S&P said the affirmation and CreditWatch resolution followed the company's announcement that discussions between the special committee of Riviera's board of directors and certain investors to acquire Riviera Holdings have been terminated.

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, the agency noted.

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