S&P affirms, withdraws Shingle Springs

S&P said it affirmed its B+ issuer credit rating on Shingle Springs Tribal Gaming Authority.

The outlook is stable.

The agency subsequently withdrew the rating at the issuer's request following the redemption of Shingle Springs' 9¾% senior notes due 2021. S&P also withdrew the issue-level rating on the notes since they have been repaid.

“The rating actions reflect our forecast for Shingle Springs, which includes minimal EBITDA growth, due to the potential negative impact of new competition, but for credit measures to continue to improve through debt reduction,” the agency said in a news release.

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