S&P cuts Green Valley Ranch outlook to negative

Standard & Poor's said it revised its rating outlook on Green Valley Ranch Gaming LLC to negative from stable.

At the same time, the agency said it affirmed the ratings on the company, including the B corporate credit rating.

According to S&P, the outlook revision reflects its concern that ongoing softness in the Las Vegas locals market will continue to drive earnings declines, leading to weaker credit measures.

In addition, operating softness may pressure Green Valley Ranch's ability to maintain compliance with its bank covenants, despite the fact that covenant levels under its bank facility were recently amended, the agency noted.

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