CBAC Borrower LLC announced a proposed $330 million financing, the proceeds of which it will use for development and construction of Horseshoe Baltimore casino in Maryland. We are assigning CBAC Borrower our 'B-' preliminary corporate credit rating with a stable rating outlook. We are also assigning preliminary issue-level ratings to CBAC Borrower's proposed 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 April 18, 2013, Standard&Poor's Ratings Services assigned CBAC Borrower LLC its 'B-' preliminary corporate credit rating. The
