S&P rates Buena Vista Gaming, notes B-

S&P said it assigned its B- issuer credit rating to Buena Vista Gaming Authority.

The outlook is stable.

At the same time, the agency assigned a B- issue-level rating to the proposed $205 million senior secured notes due in 2023.

Proceeds will be used for the development and construction of Harrah's NorCal Casino, for an interest reserve expected to fund debt service during the 13-month construction period and five months following the casino opening, and to fund pre-opening operating costs and transaction fees and expenses.

“Our B- rating reflects the challenges in developing and opening a new property with limited amenities in an already competitive gaming market with the potential for additional future competition and the reliance on a single asset for its debt-service needs,” the agency said in a news release.

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