Lacks diversity as a single casino operator in a competitive market. Challenges in operating in an urban location. Operates in a jurisdiction with a high gaming-tax rate, resulting in a modestly weaker EBITDA margin compared to peers High adjusted debt to EBITDA of more than 6x through 2017. EBITDA coverage of interest in the high-1x area through 2017. S&P Global Ratings' stable rating outlook on CBAC Borrower LLC reflects our view that, despite our forecast for EBITDA to decline in 2017 as a result of new competition, adjusted EBITDA coverage of interest expense will remain in the high-1x area and CBAC will continue to pay down debt through required amortization and cash flow sweeps. We could lower the rating if
