S&P: Shingle Springs loan B, notes CCC+

Standard & Poor's said it raised its issuer credit rating on Shingle Springs Tribal Gaming Authority to B from CCC.

The outlook is positive.

At the same time, S&P assigned the authority's proposed $15 million first-out revolver due 2016 and the proposed $240 million term loan B due 2019 its B issue-level.

The agency also assigned the proposed $250 million senior notes due 2021 its CCC+ issue-level rating.

S&P expects the authority to use proceeds from the term loan and notes, together with cash on hand, to refinance all existing debt at the authority, to make a $57.1 million payment to settle all obligations with former casino manager Lakes KAR-Shingle Springs LLC and to pay for fees and expenses.

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