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Caesars, units on Fitch's rating watch positive

Fitch Ratings placed the ratings of Caesars Entertainment Corp. and its three subsidiaries on rating watch positive, following the release of a revised restructuring plan with the creditors of its bankrupt unit.

The ratings action also considers the reduced risk that the reorganization of Caesars Entertainment Operating Co. will have significantly detrimental effects to the credit profiles of Caesars' non-bankrupt subsidiaries, Caesars Entertainment Resort Properties LLC and Caesars Growth Properties Holdings LLC.

The ratings on watch positive are the parent's CC long-term issuer default rating; Caesars Entertainment Resort's B- IDR, B+/RR2 senior secured first-lien credit facility and first-lien notes, and CCC/RR6 second-lien notes; Caesars Growth's B- IDR, BB-/RR1 senior secured first-lien credit facility, and B-/RR4 second-lien notes; and Corner Investment PropCo LLC's B- long-term IDR and B+/RR2 senior secured credit facility.

The newly reached amended restructuring support agreements clear the way toward a confirmable plan for the debtors and a 2017 completion of Caesars Entertainment Operating's bankruptcy proceedings.