S&P cuts Desert Ridge senior debt to junk

Standard & Poor's said it lowered its senior debt rating on Desert Ridge Resort LLC to BB+ from BBB+ and placed this rating on CreditWatch negative.

S&P said the rating on Desert Ridge was lowered to align it with the rating on Royal Indemnity, which provides a reinsurance agreement supporting the rating on Desert Ridge's two senior secured notes, both of which are due on Dec. 31, 2007.

The rating on Desert Ridge is on CreditWatch negative because of the need to review and validate guarantees and insurance programs supporting the debt issuance, according to S&P.

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