S&P: 155 East Tropicana on developing watch

Standard & Poor's said it placed its ratings on 155 East Tropicana LLC, including its B- corporate credit rating, on CreditWatch with developing implications.

S&P noted that the CreditWatch listing reflects the company's announcement that it had signed a letter of intent to be acquired by an investment group led by NTH Advisory Group LLC.

Under the terms of the letter, the buyer has offered to purchase all of the outstanding membership interests for a purchase price of $95 million in cash and the payment of certain accrued royalties, the agency said.

In resolving its CreditWatch listing, S&P said it will continue to monitor developments associated with a potential acquisition of the company.

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