S&P affirms Galaxy Casino

Standard & Poor's said it affirmed its B+ corporate credit rating on Galaxy Casino S.A. and the B+ issue rating on the company's senior unsecured debt. The ratings were removed from CreditWatch, where they had been placed with negative implications in December.

The outlook is stable.

The rating reflects the company's high debt, execution risks associated with its gaming facility in Cotai, Macau, its reliance on the Chinese market for the bulk of customers and heavy competition, S&P said.

The rating factors in expectations of continued strong market demand for gaming facilities in Macau and Galaxy's commitment to gradually improve its key ratios over time, with debt-to-EBITDA below 2.5x by 2009, S&P said.

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