S&P ups Yonkers to positive

Standard & Poor's said that it revised the outlook on Yonkers Racing Corp. to positive from stable and affirmed the B+ corporate credit rating.

S&P placed the BB- issue-level rating on the company's 11 3/8% senior secured notes on CreditWatch with negative implications. The CreditWatch listing reflects the intention to revise the recovery rating on these securities downward to 3, reflecting meaningful (50% to 70%) recovery, from 2 when the proposed $100 million add-on is completed.

The outlook revision to positive from stable reflects strong growth over the past few years, which has left the company better-positioned to absorb impending competition from Aqueduct Racetrack than previously contemplated, the agency added.

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