S&P rates Enterprise Development, debt B-

S&P said it assigned its B- issuer credit rating to Enterprise Development Authority.

The outlook is positive.

At the same time, the agency assigned its B- issue-level rating to the proposed senior secured debt, consisting of $440 million of senior secured notes due 2023 and a $10 million revolving credit facility.

The capital structure, pro forma for the close of the financing, will also contain about $36 million of subordinated developer related debt.

S&P said the proposed notes are rated the same as the issuer credit rating because they are secured, and no significant elements of subordination risk are present in the capital structure.

Proceeds from the issue will be used to finance the development of Hard Rock Hotel & Casino – Sacramento at Fire Mountain in Yuba County.

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