S&P puts Station Casinos on watch

Standard & Poor's said it placed its ratings on Station Casinos Inc., including its BB long-term and B-2 short-term corporate credit ratings, on CreditWatch with negative implications.

"The CreditWatch listing reflects softer and more competitive conditions in the Las Vegas 'locals' market, coupled with ongoing share repurchases at a time when the company's credit measures are weak for the ratings," said S&P credit analyst Michael Scerbo.

During today's third quarter earnings announcement, Station lowered its earnings guidance for the next several quarters based on its current operating momentum, the agency said.

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