Moody's upgrades Ameristar

Moody's Investors Service said it raised Ameristar Casinos, Inc.'s senior secured bank loan ratings to Ba2 from Ba3.

The company's corporate family and probability of default ratings were affirmed at B1.

Ameristar has an SGL-2 speculative grade liquidity rating and stable outlook.

Moody's said the upgrade the increase in senior unsecured debt that ranks below it as a result of the closing of the company's $240 million senior unsecured add-on.

The upgrade also considers that proceeds from the $240 million add-on were used to reduce a like amount of senior secured revolving bank debt, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.