S&P: Riviera Holdings still on developing watch

Standard & Poor's said its ratings on Riviera Holdings Corp., including the B senior secured debt and corporate credit ratings, remain on CreditWatch with developing implications.

The CreditWatch update follows the company's announcement that it has entered into a definitive agreement whereby all outstanding shares other than the shares held by Riviera's chief executive officer, William Westerman, will be acquired by a certain investor group at a price of $17.00 per share in cash, the agency said.

Given various approvals, including shareholder and governmental approvals, which are still needed, the transaction would not likely close until the first half of 2007, the agency added.

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