Fitch Ratings today published a comprehensive credit update on Caesars Entertainment Corp. (Caesars). It includes detailed analysis of Caesar's primary operating subsidiary (Caesars Entertainment Operating Co., OpCo) and of its related subsidiaries.
Today's report follows Fitch's Sept. 5, 2012 revision of the Rating Outlook on Caesars (IDR 'CCC') and certain subsidiaries to Negative from Stable. The OpCo's near- to medium-term cash burn rate is a key driver of the Negative Outlook, and the report details upcoming cash sources and uses, including relevant capital structure and parent company support assumptions. It also discusses a number of frequently asked questions about Caesars' credit profile.
In addition to operating, liquidity and financial analyses, the report also provides a summary of the company's project pipeline; Fitch's outlook on key markets; a detailed maturity schedule; capital structure analyses with debt diagrams; and recovery analyses.
The appendix of the report includes a recap of the LBO transaction, a historical timeline of debt transactions, summary of debt at each level, detailed debt document covenant summaries, and a corporate governance overview.
The full report is available at 'www.fitchratings.com'.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
U.S. Leveraged Finance Spotlight Series: Caesars Entertainment Corp.
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=683491
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