| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for Riviera Holdings Corp. > News item |
S&P cuts Riviera
Standard & Poor's said it lowered its corporate credit and issue-level ratings on Riviera Holdings Corp. by two notches.
The corporate credit rating was lowered to CCC+ from B, the agency said, noting that the ratings were removed from Creditwatch, where they were placed with negative implications on Nov. 3.
The outlook is negative.
The ratings downgrade reflects acceleration of revenue and EBITDA declines at Riviera's Las Vegas and Black Hawk, Colo. properties, which has led to a tightening liquidity position, S&P noted. Furthermore, the downgrade reflects its expectation that given currently weak economic conditions and the pullback in consumer discretionary spending, revenue and EBITDA declines will continue to be severe through at least the first half of 2009.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.