3.85%C 7.22 11.94%GE 17.61 13.61%
Digg
Del.icio.us
Newsvine 
Facebook
Stumbleupon
NEW YORK - Standard & Poor's Ratings Services said Thursday that it revised its rating outlook for privately held Harrah's Entertainment Inc., which is the world's largest casino company, and its subsidiary Harrah's Operating Co. to "Negative" from "Stable."
S&P also affirmed a "B+" corporate credit rating for both.
In a statement, S&P credit analyst Ben Bubeck said the outlook change reflects the ratings service's "expectation that operating performance for the remainder of 2008, and likely well into 2009, will remain pressured given weak economic conditions."
S&P said that property-level earnings before interest, taxes, depreciation and amortization fell 7 percent in the first quarter, compared with the year-ago quarter. And recent reports of monthly revenue in the gaming market indicate this trend is ongoing and may be accelerating, S&P said.
The ratings service also said it believes increasing gas prices and rates of unemployment will keep impacting consumers' discretionary spending habits in the near future.
U.S. stocks made early gains on Tuesday, a day after the Dow Jones Industrial Average recorded its fourth-biggest point drop on record, as invest...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
Otto Spoerri, dubbed "the ultimate arbiter of industry power" because he determined seating at the Oscars, has died. He was 75. Spoerri died Satu...
Building your business and corporate credit for your small business.
Get your next web design project done with our los angeles web design team - Best web design with great price.
Baldwin Linguas:
Translations Interpreting Localization:
English French Portuguese Spanish
Partners   
|
© 2008 The Ibtimes Company. All Rights Reserved. Terms of service | Privacy Policy | Advertising | About Us | Contact Us | Archives
EMAIL
PRINT
RSS
SHARE
