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TOPIC: ΠΩΣ ΒΑΘΜΟΛΟΓΟΥΝ ΟΙ ΟΙΚΟΙ ΕΤΑΙΡΙΕΣ ΤΟΥ ΤΡΑΜΠ

ΠΩΣ ΒΑΘΜΟΛΟΓΟΥΝ ΟΙ ΟΙΚΟΙ ΕΤΑΙΡΙΕΣ ΤΟΥ ΤΡΑΜΠ 23 Jan 2017 03:09 #1

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Credit Opinion: Trump Entertainment Resorts Holdings, L.P
Rating Action: Moody's withdraws Trump Entertainment Resorts' ratings
Global Credit Research - 17 Feb 2009
$1.25 billion of rated debt affected.

New York, February 17, 2009 -- Moody's Investors Service has withdrawn the ratings of Trump Entertainment Resorts Holdings, LP (Trump) because the issuer has filed for bankruptcy. Please refer to Moody's Withdrawal Policy on moodys.com.

The following Trump ratings were withdrawn:

Probability of Default Rating of D

Corporate Family Rating of Ca

$1.25 billion senior secured second lien notes due 2015 of Ca (LGD 4, 64%)

SGL-4 Speculative Grade Liquidity rating

Moody's previous rating action related to Trump occurred on February 12, 2009 when Moody's commented that the February 11, 2009 forbearance extension did not affect the company's ratings.

The principal methodology used in rating Trump was the Global Gaming rating methodology, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies sub-directory. Other methodologies and factors that may have been considered in the process of rating Trump can also be found in the Credit Policy & Methodologies directory.

Trump Entertainment Resorts Holdings, LP owns and operates the Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino and the Trump Marina Hotel Casino in Atlantic City, NJ. The company generates approximately $950 million of annual net revenue.

New York
Keith Foley
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Peter H. Abdill, CFA
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
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Last Edit: 23 Jan 2017 03:20 by kathrine.
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ΠΩΣ ΒΑΘΜΟΛΟΓΟΥΝ ΟΙ ΟΙΚΟΙ ΕΤΑΙΡΙΕΣ ΤΟΥ ΤΡΑΜΠ 23 Jan 2017 03:11 #2

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Global Credit Research - 23 Nov 2004

New York, November 23, 2004 -- Moody's Investors Service lowered the ratings of Trump Atlantic City Associates (TAC) and confirmed the ratings of Trump Casino Holdings, LLC (TCH) following Trump Hotels & Casino Resorts Inc.'s announcement that it filed for voluntary Chapter 11 reorganization. Trump Hotels & Casino Resorts Inc. (Trump) is the parent of TAC and TCH.

The downgrade of TAC reflects its recapitalization plan and anticipated Chapter 11 bankruptcy filing that will likely result in recovery ranging between 90% and 95% on TAC's first mortgage notes. The confirmation of TCH's ratings reflects its higher recovery prospects relative to TAC.

In Oct. 2004, Trump announced that it had entered into a support agreement with existing bondholders to recapitalize the company. The recapitalization plan calls for the exchange of TAC and TCH debt, approximately $1.8 billion, for $74 million cash, $1.25 billion second priority mortgage notes, and about $395 million of common stock.

TAC and TCH ratings have been on review for possible downgrade since Feb. 12, 2004. The ratings were placed on review at that time in response to the company's announcement that it entered into an exclusivity agreement with DLJ Merchant Banking Partners III, L.P. as part of a comprehensive recapitalization plan. In Sep. 2004, the company and DLJ ended their negotiations. However, in Oct. 2004, Trump entered into an agreement with existing bondholders to recapitalize the company. This agreement forms the basis of Trump's current recapitalization plan.

The following ratings of Trump Atlantic City Associates were lowered:

- Senior implied rating, to Caa2 from Caa1;

- $1.2 bil. 11.25% first mortgage notes 2006, to Caa2 from Caa1:

- $75 mil. 11.25% first mortgage notes 2006, to Caa2 from Caa1;

- $25 mil. 11.25% first mortgage notes 2006, to Caa2 from Caa1; and

- Senior unsecured issuer rating, to Ca from Caa3.

The following ratings of Trump Casino Holdings, LLC were confirmed:

- Senior implied rating, at Caa1;

- $425 mil. 11.625% first mortgage notes 2010, at Caa1;

- $50 mil. 17.625% second mortgage notes 2010, at Caa2; and

- Senior unsecured issuer rating, at Caa3.

These rating actions end the ratings review process that began on Feb. 12, 2004. All TAC and TCH ratings, along with their SGL-4 speculative grade liquidity ratings, will be withdrawn following this rating action.

Headquartered in Atlantic City, New Jersey, Trump Atlantic City Associates is a wholly-owned, non-recourse subsidiary of Trump Hotels & Casino Resorts, Inc. It owns and operates Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City.

Headquartered in Atlantic City, New Jersey, Trump Casino Holdings, LLC is a wholly-owned, non-recourse subsidiary of Trump Hotels & Casino Resorts, Inc. It owns and operates Trump Marina Hotel Casino located in Atlantic City's Marina District, and the Trump Casino Hotel, a riverboat casino located in Gary, Indiana. It also manages Trump 29 Casino, a Native American owned facility located near Palm Springs, California.

New York
Tom Marshella
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Keith Foley
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
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