S&P lifts San Pasqual Casino

Standard & Poor's said it raised San Pasqual Casino Development Group Inc.'s issuer credit rating to BB- from B+.

The outlook is stable.

The agency said the upgrade follows greater-than-anticipated revenue and EBITDA growth and is also due to the nearing completion date of the group's expansion project.

The BB- rating reflects the group's good operating performance, favorable market demographics and credit measures that are currently good for the rating, S&P said.

Somewhat offsetting these factors are the company's narrow business position as an operator of a single casino, competitive market conditions and expectations for incremental debt financing required to fund the recently announced hotel expansion, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.