S&P rates Great Canadian Gaming notes BB+

Standard & Poor's said it affirmed its ratings on Great Canadian Gaming Corp., including its BB+ long-term corporate credit rating on the company. The outlook is stable.

At the same time, S&P said it assigned its BB+ issue-level rating and 4 recovery rating to the company's proposed C$400 million notes.

"The affirmation follows the company's announced refinancing that incorporates a C$400 million issuance of unsecured notes to fund the redemption of GCG's $161.1 million senior secured term loans and $170 million subordinated notes, swap breakage costs and the repurchase of C$100 million of shares," said S&P credit analyst Donald Marleau in a news release.

"We view the refinancing as credit neutral, with pro forma leverage remaining consistent with the rating at 3x and no meaningful deterioration in the company's strong liquidity," Marleau said.

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