S&P affirms Centaur

Standard & Poor's said it affirmed the CCC corporate credit rating on Centaur LLC and removed the rating from CreditWatch, where it was placed with developing implications on July 11.

The agency lowered Centaur's first-lien senior secured facility to CCC+ from B- and revised the recovery rating on the facility to 2 from 1, and its second-lien credit facility to CC from CCC- and revised the recovery rating to 6 from 5.

The outlook is developing.

According to the agency, lenders recently amended the first- and second-lien credit agreements, resulting in a net reduction in first-lien debt of about $160 million.

Ratings reflect concerns about the company's near-term liquidity position, its high pro forma debt leverage, minimal geographic diversity and a high level of competition in the markets in which it operates, the agency said.

The relatively good location of Centaur's Hoosier Park property in the Indianapolis suburbs only partially tempers those factors, S&P noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.