Moody’s assigns Station Casinos notes B3

Moody’s Investors Service said it assigned a B3 rating to Station Casinos LLC’s proposed $500 million senior unsecured notes due 2028. Station’s B1 corporate family rating, B1-PD probability of default rating, Ba3 ratings on the company’s revolver, term loan A and term loan B, as well as the B3 rating on the company’s existing $550 million 5% senior unsecured notes remain unchanged. The SGL-1 speculative grade liquidity and stable outlook remain unchanged.

Proceeds will be used to repay a portion of amounts outstanding on the company’s senior secured credit facilities and pay related fees and expenses.

Although the transaction is neutral from a leverage perspective, the note offering supports Station’s very good liquidity profile by increasing availability under the company’s revolving credit facility, Moody’s said.

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