S&P rates Twin River loan BB-

Standard & Poor's said it affirmed the BB- corporate credit rating on Twin River Worldwide Holdings Inc.

The agency also said it assigned a BB- rating to the company's proposed $520 million credit facility, which consists of a $40 million revolver due 2019 and a $480 million term loan due 2021. A recovery rating of 3, reflecting 50% to 70% expected default recovery, also was assigned to the credit facility.

The outlook is stable.

The proceeds will be used to refinance the existing term loan balance, fund the $250 million acquisition of the Hard Rock Hotel and Casino in Biloxi, Miss. and pay fees and expenses, S&P said.

The ratings reflect the sufficient debt capacity at Twin River to absorb the Hard Rock Biloxi acquisition without impairing its significant financial risk assessment and favorable view of the planned acquisition, the agency said.

The acquisition is expected to add to Twin River's cash flow diversity ahead of the introduction of significant new gaming competition for the company's facility in Rhode Island, S&P said.

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