...+ Hollywood, Fla.-based Seminole Hard Rock Entertainment Inc. and Seminole Hard Rock International LLC (collectively Hard Rock) are planning to issue a $650 million secured term loan A. The company will use proceeds to refinance its existing term loan and unsecured notes. + We are assigning our '###-' issue-level rating to the loan, one notch below the '###' issuer credit rating on Seminole Tribe of Florida (the Tribe) because the Tribe plans to guarantee the term loan. We expect the guarantee will rank in priority behind the Tribe's gaming debt. + We are affirming our '##' issuer credit rating on Hard Rock. + The outlook is stable despite our expectation that operating lease-adjusted debt to EBITDA will remain under our 5x upgrade threshold through 2020 because leverage will increase materially in 2021 due to incremental hotel lease obligations. We also believe that the higher-rated Seminole Tribe, which owns Seminole Hard Rock, will continue providing liquidity supporting Hard Rock's...
