S&P cuts Station Casinos

Standard & Poor's said it lowered its ratings on Station Casinos Inc., including cutting its corporate credit rating to BB- from BB.

In addition, these ratings remain on CreditWatch with negative implications where they initially placed on Nov. 2, reflecting 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 were weak for the ratings, the agency said.

According to the agency, the lower ratings and continued CreditWatch listing reflect Station's announcement that it had received a proposal from Fertitta Colony Partners LLC to acquire all of Station's outstanding common stock for $82 per share in cash, or about $4.7 billion.

Including the assumption of debt, the acquisition proposal is valued at about $8.1 billion, S&P said.

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