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S&P ups CBAC Borrower LLC
S&P said it upgraded CBAC Borrower LLC’s issuer rating to B- from CCC+ .
Caesars Entertainment Inc. boosted its ownership of CBAC Borrower by buying a minority interest from one of its joint venture partners.
“The upgrade to B- incorporates our view that CBAC Borrower will benefit from higher-rated Caesars' majority ownership and potential support. We believe the Horseshoe Baltimore is strategically important to Caesars given the company bought out one of its minority partners and increased its ownership to 76%. In addition, we now believe Caesars will effectively control the operating entity,” S&P said in a press release.
The outlook is stable.
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