S&P cuts Lake at Las Vegas

Standard & Poor's said it lowered its corporate credit rating on Lake at Las Vegas Joint Venture and LLV-1 LLC to CC from CCC.

The agency said it also lowered its rating on the bank loan to CCC- from CCC+ and affirmed the recovery rating at 2, which indicates the expectation for substantial recovery in the event of default.

At the same time, S&P said it placed the ratings on CreditWatch with negative implications, noting that the downgrades and CreditWatch listings indicate that the privately held borrowers' senior secured credit facility is highly vulnerable to nonpayment due to an extremely constrained liquidity position.

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