NEW YORK (Standard&Poor's) May 7, 2013--Standard&Poor's Ratings Services today revised its recovery rating on co-borrowers Seminole Hard Rock Entertainment Inc. and Seminole Hard Rock International LLC's proposed senior secured term loan to '2', indicating an expectation for substantial (70% to 90%) recovery in the event of a payment default, from '1' (90% to 100% recovery expectation). Standard&Poor's subsequently lowered its issue-level rating on the debt to 'BB+' (one notch higher than our issuer credit rating) from 'BBB-', in accordance with its notching criteria. The rating revisions follow the company's announcement that it increased the size of the term loan by $50 million to $290 million. The recovery rating revision reflects a greater amount of
