S&P assigns East Valley loan B+

Standard & Poor's said it assigned its B+ rating to the East Valley Tourist Development Authority's $153 million senior secured bridge term facility.

Concurrently, the agency said it has withdrawn its rating on the formerly proposed $290 million senior secured note offering, as the marketing of this deal has been delayed due to existing conditions in the credit markets.

S&P noted that it expects that the authority will return to market with a note offering in the coming weeks on which we expect to assign ratings upon reviewing the terms and conditions.

The agency added that the B+ issuer credit rating reflects the Authority's narrow business focus operating in a single market, the existence of well-established competition and the potential for expanded competition while these factors are tempered by favorable recent operating results and the solid demographics of the market.

© 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.