NEW YORK (Associated Press) - Standard & Poor's Ratings Services on Friday lowered its corporate credit rating on Trump Entertainment Resorts Inc. to "B-" from "B," citing ongoing competitive pressures.

S&P also cut the rating on the casino hotel operator's 8.5 percent senior secured notes to "CCC+" from "B." All ratings are non-investment grade. The outlook on the ratings is negative.

"The ratings downgrade reflects our expectation for continued challenges to Trump Entertainment's business position, resulting largely from ongoing competitive pressures from operators in Pennsylvania and New York," S&P said. "Overall economic weakness is also playing a role in the decline of gaming revenues in the Atlantic City market, as it is in most other U.S. gaming markets. These factors have driven a meaningful deterioration of Trump Entertainment's credit metrics over the past several months."

The Atlantic City, N.J.-based company should realize some level of return on recent additions and renovations to its properties, S&P said, but if declines in adjusted earnings do not stabilize, Trump Entertainment's ability to meet debt obligations will be strained.

Trump Entertainment shares slipped 8 cents, or 3.3 percent, to $2.37 in afternoon trading. Shares hit a new low of $2.29 earlier in the session. The stock previously ranged in the past 12 months between $2.40 and $17.15.