Fitch Ratings has published updated recovery analyses for the following U.S. gaming operators:
--Caesars Entertainment Operating Co. (including Chester Downs and Marina LLC)
--Caesars Linq, LLC & Caesars Octavius, LLC
--MGM Resorts International
--CityCenter Holdings, LLC
--Boyd Gaming Corporation
--Marina District Finance Company, Inc (Borgata)
--Peninsula Gaming, LLC (Newly assigned IDR and Security Specific Ratings)
--Pinnacle Entertainment, Inc.
Effective Aug. 10, 2012, Fitch Ratings updated its Ratings Definitions, expanding the application of '+/-' to corporate issue ratings at the 'CCC' level and defining a rating action as 'Under Review'. The '+/-' designations at the 'CCC' level are limited to instrument ratings and will not be used for Issuer Default Ratings, leaving 'CCC' as the sole issuer rating within the 'CCC' category. The new designations provide greater comparability to debt instruments and Recovery Ratings in the lower end of the speculative-grade rating scale, and are not intended to reflect any change in Fitch's view of the creditworthiness of the issuers or instruments changed in this rating action.
Gaming companies with issue and Recovery Ratings affected by the change in the scale include MGM Resorts International, Boyd Gaming Corporation, and Peninsula Gaming, LLC.
Certain gaming companies' ratings were also affected by the change in rating criteria, but had been publicly updated prior to this rating action commentary, including Caesars Entertainment Operating Co., Caesars Linq, LLC and Caesars Octavius, LLC.
The interactive recovery analysis worksheets are available at 'www.fitchratings.com' under the following headers:
Sectors >> Corporate Finance >> Corporates >> Research
Additional information is available at 'www.fitchratings.com'.