PE Debt Watch (Downgrades and Upgrades)

As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from ratings agencies Moody’s Investors Service and Standard & Poor’s. This week there were two upgrades and a downgrade. Company: Harrah’s Sponsor: Apollo Management and TPG Action: S&P raised its corporate credit and issue-level ratings on the company and its operating subsidiary by one notch. S&P raised the corporate credit rating to 'B-' from 'CCC+'. Highlight: "The ratings upgrade reflects our assessment that several actions taken by management over the past several quarters have positioned the company with sufficient capacity to weather the current downturn in the gaming sector," said Standard & Poor's credit analyst Ben Bubeck.

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