S&P: MTR Gaming view developing

Standard & Poor's said it revised its CreditWatch listing on MTR Gaming Group Inc.'s B+ corporate credit and senior unsecured debt ratings to developing from negative implications.

The agency said the CreditWatch revision reflects the special committee of the board of director's rejection of TBR Acquisition Group LLC's offer of $9.50 per share in cash to shareholders to take MTR private.

S&P noted that while TBR could accept the special committee's invitation to submit a higher offer as a part of the company's ongoing exploration of strategic alternatives, leading to significant incremental debt of more than $250 million and downward ratings pressure, the rejection of TBR's offer increases the possibility that a higher rated entity could make an offer for MTR.

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