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S&P Credit Research1144 word report
published Dec 05, 2008
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Dec. 5, 2008--Standard&Poor's Ratings Services today lowered its corporate credit rating on Detroit, Mich.-based CCM Merger Inc. to 'B-' from 'B'. This rating, along with all issue-level ratings on the company, was placed on CreditWatch with negative implications. The issue-level rating on CCM's senior secured credit facilities was lowered to 'B+' (two notches higher than the 'B-' corporate credit rating) from 'BB-'. The recovery rating on this debt remains at '1', indicating a very high expectation for full recovery in the event of a payment default. In addition, we lowered the issue-level rating on CCM's 8% senior unsecured notes to 'CCC' (two notches lower than the 'B-' corporate credit rating) from 'B-', and
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| Brief Excerpt: | RESEARCH Ratings Definitions CCM Merger Rating Cut To 'B-' And Placed On CreditWatch Negative Publication date: 05-Dec-2008 Primary Credit Analyst: Michael Listner, New York (1) 212-438-2788; michael_listner@standardandpoors.com Secondary...
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| Report Type: | Ratings Action
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| Issuer: | CCM Merger Inc.
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| GICS: | Casinos & Gaming (25301010)
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| Sector: | Corporations, Global Issuers, Hotel & Gaming, Media & Entertainment
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| Country: | United States
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| Region: | United States
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
Also from S&P Credit Research
- CCM Merger Rating Raised To 'B' From 'B-', Outlook Stable $100.00
Detroit, Mich. casino operator CCM Merger has a meaningful cushion relative to its financial covenants and we now expect operating performance to exceed our earlier projections. We have raised our corporate credit rating on the company to 'B' ...
- Research Update: CCM Merger Inc. Rating Raised To 'B' From 'B-', Outlook Stable $175.00
Detroit, Mich. casino operator CCM Merger has a meaningful cushion relative to its financial covenants and we now expect operating performance to exceed our earlier projections. We have raised our corporate credit rating on the company to 'B' ...
- CCM Merger 'B-' Rating Placed On CreditWatch Positive $100.00
Based on information from the Michigan Gaming Control Board, we now expect CCM Merger's operating performance to exceed our earlier projections for the company. We placed our 'B-' corporate credit rating for CCM Merger on CreditWatch with positive ...
- Research Update: CCM Merger Inc. 'B-' Rating Placed On Watch Positive $175.00
Based on information from the Michigan Gaming Control Board, we now expect CCM Merger's operating performance to exceed our earlier projections for the company. We placed our 'B-' corporate credit rating for CCM Merger on CreditWatch with positive ...
- CCM Merger Inc. 'B-' Corporate Credit Rating Affirmed With Negative Outlook $100.00
NEW YORK (Standard&Poor's) Feb. 3, 2009--Standard&Poor's Ratings Services said today it affirmed its 'B-' corporate credit rating on Detroit-based CCM Merger Inc. and removed it from CreditWatch, where it was placed with negative implications ...
- Research Update: CCM Merger Inc. 'B-' Corporate Credit Rating Affirmed; Outlook Negative $175.00
On Feb. 3, 2009, Standard&Poor's Ratings Services affirmed its 'B-' corporate credit rating on Detroit-based CCM Merger Inc. and removed it from CreditWatch, where it was placed with negative implications on Dec. 5, 2008. The rating outlook ...
- Research Update: CCM Merger Rating Lowered To 'B-' And Placed On CreditWatch Negative $175.00
On Dec. 5, 2008, Standard&Poor's Ratings Services lowered its corporate credit rating on Detroit, Mich.-based CCM Merger Inc. to 'B-' from 'B'. This rating, along with all issue-level ratings on the company, was placed on CreditWatch with negative ...
- CCM Merger Inc. 'B' Rating Outlook Revised To Negative $100.00
NEW YORK (Standard&Poor's) Sept. 29, 2008--Standard&Poor's Ratings Services today revised its rating outlook on Detroit, Mich.-based CCM Merger Inc. to negative from stable. Ratings on the company, including the 'B' corporate credit rating, ...
