Standard & Poor's Lifts Harrah's Rating to CCC

24.04.2009, After a review of Harrah's Entertainment Inc.'s new capital structure, Standard & Poor's Rating Service has boosted the casino operator's rating from 'SD' to 'CCC' with a negative outlook.

After a review of Harrah's Entertainment Inc.'s new capital structure, Standard & Poor's Rating Service has boosted the casino operator's rating from 'SD' to 'CCC' with a negative outlook.

"Our 'CCC' rating on the company incorporates the expectation that consolidated (earnings before interest, taxes, depreciation and amortization) will decline in the mid- teens percentage area in 2009, largely due to continued pressures on visitation and spending in the Las Vegas and Atlantic City markets," said Ben Bubeck, a Standard & Poor's credit analyst, in a statement.

Last week Standard & Poor's lowered Harrah's rating to 'SD' after a below-par debt tender offer, which the group viewed as "being tantamount to default given the distressed financial condition of the company."

Über Harrah's Operating Company, Inc.:

Founded in 1937, Harrah´s Entertainment, Inc. is the world´s largest casino operator.

We operate 28 casinos in 12 states under the Harrah´s, Harveys, Horseshoe, Rio, and Showboat brand names. Our goal is to provide great customer service in exciting and entertaining environments, and become your overwhelming first choice for casino entertainment.

We concentrate on building loyalty and value for our customers, shareholders, employees, business partners, and communities by being the most service- oriented, technology-driven, geographically-diversified company in gaming. Enjoy your visit to our site. We look forward to your comments about us.

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