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Published on 5/3/2013 in the Prospect News Bank Loan Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

S&P lowers Chester Downs

Standard & Poor's said it lowered its corporate credit rating on Chester Downs and Marina LLC to CCC+ from B-.

The outlook is negative.

At the same time, the issue-level ratings on Chester Downs were lowered to B from B+.

S&P said the downgrade follows a similar action on Caesars Entertainment Corp. and its wholly owned subsidiary, Caesars Entertainment Operating Co. Inc. Given Caesars Entertainment's 99.5% ownership stake through Caesars Entertainment Operating, S&P said it views Chester Downs and Marina's rating as linked to that of Caesars Entertainment.

The outlook is negative, reflecting the link between Chester and Caesars Entertainment.


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