S&P affirms MTR Gaming

Standard & Poor's said it affirmed MTR Gaming Group Inc.'s B- corporate credit rating and removed ratings from CreditWatch, where they were placed with negative implications July 15.

The outlook is stable.

The affirmation reflects MTR's recent announcement of the required receipt of tenders and consents for the repurchase of its outstanding 9¾% senior notes due 2010 and the issuance of 12 5/8% senior secured notes due 2014, priced at 95.248% of par.

"The B- corporate credit rating reflects MTR Gaming's limited geographic diversity and the ongoing and additional competitive threats that the Pennsylvania gaming market poses to the company's largest gaming property, Mountaineer Casino," S&P analyst Michael Listner said in a statement.

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