S&P ups Yonkers Racing notes to BB-, 2

Standard & Poor's said it revised its recovery rating on Yonkers Racing Corp.'s $225 million senior secured notes to 2 from 3.

The agency said italso raised its issue-level rating on this debt to BB-, one notch higher than its B+ corporate credit rating on the company, from B+, in accordance with its notching criteria for a 2 recovery rating.

The revision of the recovery rating is based on Yonkers Racing's plan to redeem $22.5 million of the notes in August at a price of 103% of par, in accordance with the terms of the note indenture, the agency added.

At the same time, the agency said it affirmed its B+ corporate credit rating on the company.

The outlook is stable.

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