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Standard & Poor Raises Trump Atlantic City Ratings31 March 2003NEW YORK – As reported by Reuters: "Standard & Poor's Ratings Services said today that it raised its corporate credit and senior secured debt ratings for Trump Atlantic City Associates (TAC) to 'CCC+' from 'CCC'. "In addition, Standard & Poor's removed the ratings from CreditWatch where they were placed on March 12, 2003. The outlook is stable. Total debt outstanding at Dec. 31, 2002, for TAC was approximately $1.3 billion. "…`The higher ratings for TAC reflect the improved financial flexibility for the consolidated group of Trump companies with the recent refinancing of near-term debt maturities at Trump Castle, the good performance at Taj Mahal and Plaza that has created EBITDA cushion against any initial impact from the opening of Borgata in mid-2003, and Standard & Poor's assessment that TAC will likely be able to meet debt service requirements in the near term,' said Standard & Poor's credit analyst Michael Scerbo…" |