S&P: Greektown loans BB-, CCC+

Standard & Poor's said it assigned a B corporate credit rating to Greektown Superholdings Inc., along with a BB- rating and recovery rating of 1 to its proposed $355 million first-lien credit facility, consisting of a $15 million revolver due 2015, a $15 million term loan A due 2017 and a $325 million term loan B due 2018.

The 1 recovery rating indicates 90% to 100% expected recovery in a default.

S&P also said it assigned a CCC+ rating to the company's proposed $100 million second-lien term loan due 2019 with a recovery rating of 6, indicating 0% to 10% expected recovery in a default.

The outlook is stable.

The proceeds will be used to refinance $400 million in outstanding debt, S&P said.

The ratings reflect Greektown's highly leveraged financial risk profile and weak business risk profile, the agency said.

The ratings also consider an expectation for its net revenue and EBITDA to be essentially flat in 2012, S&P said.

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