S&P lowers Holdings Gaming

Standard & Poor's said it lowered its corporate credit and issue-level ratings on Holdings Gaming Borrower LP.

The agency said it lowered the corporate credit rating to CCC from B-, adding that these ratings were removed from Creditwatch, where they were placed with negative implications Sept. 28.

The outlook is negative.

In addition, the agency said it revised its recovery rating on Holdings Gaming's revolving credit facility and first-out term loan to 2 from 1.

S&P added that it lowered its issue-level rating on this debt to CCC+ from B+, in accordance with its notching criteria for a 2 recovery rating.

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