Friday, May 20, 2005 | 9:12 a.m.
Ratings agency Standard & Poor's Ratings Services has placed its ratings on Hard Rock Hotel Inc. on CreditWatch with negative implications.
The CreditWatch listing follows the company's earnings report this month during which management indicated that the company, which owns the Hard Rock Hotel in Las Vegas, might eventually acquire a portion of the condominium project to be built next to the property.
Such an acquisition might increase the company's debt leverage beyond S&P's previous expectations. The company has a B+ corporate credit rating.
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