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S&P rates Rock Parent B, loans BB-, notes B
Standard & Poor's said it assigned a preliminary corporate credit rating of B to Rock Parent LLC.
The outlook is stable.
The agency also said it assigned a rating of BB- to ROC Finance LLC's proposed $275 million first-lien senior secured credit facilities, along with a preliminary recovery rating of 1, indicating 90% to 100% expected recovery in a default.
The first-lien credit facilities consist of a $125 million funded term loan due 2017 and a $125 million delayed-draw term loan due 2017 and potentially a $25 million revolving credit facility due 2016.
The agency also said it assigned a preliminary issue-level rating of B with a preliminary recovery rating of 3 to the company's proposed $380 million of second-lien senior secured notes due 2018.
The 3 rating indicates 50% to 70% expected recovery in a default.
ROC Finance and ROC Finance 1 Corp. will be co-borrowers on the notes.
Rock Parent is a subsidiary of Rock Ohio Caesars LLC, which is 80% owned by Rock Gaming and 20% owned by subsidiaries of Caesars Entertainment Corp.
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