S&P affirms Lake Las Vegas

Standard & Poor's said it affirmed its ratings on Lake at Las Vegas Joint Venture and affiliates following a recent announcement regarding modifications to the company's rated secured credit facilities.

S&P affirmed Lake Las Vegas' B issuer credit rating and B+ first-lien credit facility.

Specifically, S&P said the company intends to expand its first-lien facility by $135 million, with proceeds largely being used to redeem a more costly $125 million second-lien term loan.

S&P said the current ratings assigned to Lake at Las Vegas Joint Venture and LLV-1 LLC continue to reflect higher debt levels and less predictable revenues generated from the sale of land parcels in the master-planned resort community of Lake Las Vegas.

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