S&P affirms Golden Nugget

Standard & Poor's said it affirmed the ratings, including the B- corporate credit rating, on Golden Nugget Inc.

The agency said it also removed the ratings from Creditwatch with negative implications, where they were placed on Jan. 28.

The outlook is negative.

According to S&P, the action stemmed from the removal of the ratings on parent Landry's Restaurants Inc. from Creditwatch following the funding of Landry's new senior secured credit facility and its new senior notes to refinance its 9.5% senior unsecured notes.

"The outlook is negative, reflecting its concerns about the potential for a covenant violation in 2010," said S&P credit analyst Melissa Long.

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