Moody's ups Station Casino, rates add-on Ba3

Moody's Investors Service said it raised the ratings of Station Casino, Inc. and affirmed the company's SGL-2 speculative grade liquidity rating. Moody's also assigned a Ba3 rating to Station's $150 million add-on to its existing 6 7/8% senior subordinated notes due 2016.

Moody's raised the company's corporate family rating to Ba1 from Ba2, its $450 million 6% senior notes due 2012 to Ba2 from Ba3, its $450 million 6½% senior subordinated notes due 2014 to Ba3 from B1 and its $350 million 6 7/8% senior subordinated notes due 2016 to Ba3 from B1.

Proceeds from the add-on will be used to reduce revolving credit facility borrowings.

Moody's said the upgrade acknowledges that Station continues to benefit greatly from the rapidly growing Las Vegas area and that the company has been highly effective at using debt to further develop its asset profile, market leadership position, and competitive advantage in the Las Vegas locals market.

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