While Donald Trump has been basking in the glow of the successful “The Apprentice” fake reality show, real reality keeps trying to intrude. His Trump Casino Holdings LLC had its debt downgraded this morning by S&P. The ratings firm put Trump Atlantic City Associates on notice that it too could see its debt rating cut.
The reason? A deal cut by Trump Hotels and Casino Resorts, the parent of the aforementioned companies, with Credit Suisse First Boston to “recapitalize” Trump Hotels. A CSFB unit will put in $400-million, and in exchange it will get majority ownership of the Trump’s company.