S&P rates Stockbridge loan B-

Standard & Poor's said it assigned its B- issue-level rating to Stockbridge/SBE Holdings LLC's $300 million first-lien term loan due 2017. The agency said it also assigned this debt a recovery rating of 3, indicating an expectation of meaningful recovery for lenders in the event of a payment default.

Additionally, the agency said it assigned its B- corporate credit rating to parent Stockbridge/SBE Holdings Co. LLC. The outlook is negative.

"Our business risk profile assessment reflects the property's disadvantaged northern Las Vegas Strip location, a highly competitive market with many well-established operators and the company's reliance on a single property for cash flow generation," said S&P credit analyst Michael Halchak in a news release.

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