S&P lowers CORE Entertainment

Standard & Poor’s said it lowered the corporate credit rating on CORE Entertainment Inc. to D (default) from SD (selective default).

The agency also said it lowered the rating on the company’s $200 million senior secured first-lien term debt due 2017 to D from CCC-.

The recovery rating on the term loan is unchanged at 4, indicating 30% to 50% expected default recovery.

Also unchanged is the D rating on the company’s second-lien term loan with 6 recovery rating, which indicates 0 to 10% expected default recovery.

The agency also said it withdrew all of the ratings on CORE Entertainment at the company’s request.

The downgrades follow news that CORE Entertainment has voluntarily filed for Ch. 11 bankruptcy protection, S&P said.

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