S&P gives Station Casinos notes CCC+

Standard & Poor's said it assigned Station Casinos LLC's proposed $500 million senior notes its CCC+ issue-level rating, with a recovery rating of 6.

The company plans to use proceeds from the notes issuance in conjunction with its proposed $1,975,000,000 senior secured credit facility to refinance its existing debt.

On Feb. 15, S&P assigned the proposed senior secured credit facility its B issue-level rating with a recovery rating of 3.

Also on Feb. 15, the agency revised its outlook on Station Casinos to positive from stable and affirmed its B corporate credit rating.

The revision of the outlook reflects the expectation for an improving financial risk profile from the proposed transactions because they eliminate the intermediate term refinancing risk associated with Station's previous capital structure, S&P said.

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