NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed and withdrawn the Issuer Default Ratings (IDR) and issue ratings of Caesars Entertainment Operating Company (CEOC). These actions follow CEOC's Chapter 11 filing on Jan. 15, 2015. Accordingly, Fitch will no longer provide ratings or analytical coverage for CEOC.
In addition, Fitch has affirmed the IDR and issue rating of Chester Downs and Marina LLC (Chester Downs) and the ratings have been simultaneously withdrawn for business reasons.
The following ratings of CEOC have been affirmed and withdrawn:
--Long-term IDR at 'D';
--Senior secured first-lien revolving credit facility and term loans at 'CCC/RR1';
--Senior secured first-lien notes at 'CCC-/RR2';
--Senior secured second-lien notes at 'C/RR6';
--Senior unsecured notes with subsidiary guarantees at 'C/RR6';
--Senior unsecured notes without subsidiary guarantees at 'C/RR6'.
The following ratings of Chester Downs have been affirmed and withdrawn:
--Long-term IDR at 'CCC';
--Senior secured notes at 'CCC+/RR3'.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage' (May 28, 2014);
--'Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers' (Nov. 18, 2014);
--'U.S. Gaming Recovery Models - Third-Quarter 2014' (Dec. 16, 2014);
--'Fitch 50 (Structural Profiles of 50 Leveraged U.S. Credits)' (July 8, 2014);
--'Fitch Downgrades Caesars OpCo to 'D' on Bankruptcy Filing' (Jan. 15, 2015);
--'Fitch: Mostly Positive Credit Implications from Caesars Merger Announcement' (Dec. 22, 2014);
--'Fitch Downgrades Caesars OpCO's IDR to 'C' on Missed Payment' (Dec. 16, 2014);
--'Fitch: 80% Recovery Estimated for Caesars OpCo 1st Lien Notes' (Dec. 10, 2014);
--'Fitch: Caesars REIT Plan Good for Recovery, Ch. 11 Still Likely' (Nov. 21, 2014).
Applicable Criteria and Related Research:
Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749393
Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=813588
U.S. Gaming Recovery Models (Third Quarter 2014)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=841628
Fitch 50 (Structural Profiles of 50 Leveraged U.S. Credits)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=752040
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=983395
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