S&P affirms OpBiz

Standard & Poor's said it affirmed its CCC+ corporate credit and senior secured debt ratings on OpBiz LLC.

At the same time, the ratings were removed from CreditWatch with negative implications where they were placed on Aug. 18, 2006.

The outlook is negative.

The agency said that the affirmation and CreditWatch removal reflect OpBiz's recent amendment to its senior secured credit facility, under which lenders waived existing technical defaults relating to the reporting deliveries and the company's failure to spend and pay $72 million on renovation capital expenditures by Aug. 31.

Still, the company's operating performance continues to be much weaker than expected, the cost of the renovation is significantly higher, at $165 million and the delayed construction timetable further restricts near-term liquidity.

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