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S&P cuts Yonkers notes
Standard & Poor's said that it revised the recovery rating on Yonkers Racing Corp.'s 11 3/8% senior secured notes due 2016 to 3 from 2 and lowered the issue-level rating to B+ from BB-. The issue-level rating was removed from CreditWatch, where it was listed with negative implications on April 20.
The recovery rating of 3 reflects the expectation for meaningful (50%-70%) recovery for lenders in the event of a payment default.
The revised recovery rating reflects the increase in secured notes outstanding under S&P's simulated default scenario, which results in lower recovery prospects for these securities, the agency said.
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