CBAC Borrower LLC is developing Horseshoe Baltimore casino in Maryland. We are assigning CBAC Borrower our 'B-' corporate credit rating with a stable rating outlook. We are also assigning issue-level ratings to CBAC Borrower's first-lien credit facilities. The stable rating outlook reflects our view that adequate funding is in place to complete the construction of the casino and that the property will ramp up steadily to generate sufficient cash to service the proposed capital structure in its second year of operation. On May 16, 2014, Standard&Poor's Ratings Services assigned its 'B-' corporate credit rating to CBAC Borrower LLC. The outlook is stable. At the same time, we assigned CBAC's $310 million first-lien senior secured credit facilities our 'B-'
