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Larger and More Diversified Asset Base: The upgrade of CGLP's rating to 'BB-' from 'B+' and CGPH's senior secured debt rating to 'BB' from 'BB-' in September 2017 reflected the increased scale and diversification of CGLP's portfolio of generating assets and Fitch's expectation that average credit metrics for the parent company will be in line with the 'BB-' IDR in 2018-2020.
Recovery Analysis: The 'BB+'/'RR1' ratings for CGPH's super senior revolver and 'BB'/'RR3' for its senior secured notes are based on Fitch's recovery waterfall analysis.
Neither CERP nor CGPH is well equipped to handle potential claims identified in the report.
Of these claims, Fitch has identified $1.2 billion that directly relates to CERP and $1 billion - $1.3 billion that relates to CGPH. Fitch believes that neither CERP nor CGPH have the covenant or financial strength capacity to absorb the claims of this magnitude should the court agree with the examiner's report and the claims are directed against CERP and CGPH.
For CGPH, the examiner found a consideration short-fall for Planet Hollywood of $363 million - $484 million and for the second batch of sold casino assets (Bally, The Quad, The Cromwell and Harrah's New Orleans) a short-fall range of $592 million - $968 million.
However, CEC has potential levers to make the RSA more attractive for CEOC creditors before risking having the CGPH and CERP related transactions unwound or having these entities become insolvent.
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