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Nov. 22, 2004 / 1:33 PM

S&P lowers Trump ratings

NEW YORK, Nov. 22 (UPI) -- Standard & Poor's of New York Monday lowered its corporate credit and first mortgage note debt ratings on Trump Casino Holdings to D from CCC plus.

S&P also lowered Trump's second mortgage note rating to D from CCC minus. At the same time, S&P lowered its corporate credit and senior secured debt ratings on Trump Atlantic City Associates to D from CCC plus.

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The rating agency said all ratings were removed from the S&P CreditWatch where they were placed on Feb. 12.

The ratings actions follow the announcement by Trump Hotels & Casino Resorts that it filed for voluntary Chapter 11 reorganization in the U.S. Bankruptcy Court for in Camden, N.J.

The company reported approximately $1.8 billion in consolidated debt outstanding as of Sept. 30.

Trump's major casinos in New Jersey include the Trump Taj Mahal, the Trump Plaza Hotel and Casino and the Trump Marina Hotel Casino.

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