Recovery Report: Penn National Gaming Inc.?s Recovery Rating Profile Oct 11
Standard & Poors, October 2011
Abstract
We are updating our recovery analysis on Wyomissing, Penn.-based gaming operator Penn National Gaming Inc. to reflect the raising and removal from CreditWatch of the company's subordinated debt issue-level rating. Standard & Poor's Ratings Services simulated default scenario contemplates a payment default in 2016 and assumes a reorganization following the default. We are using an emergence EBITDA multiple of 7x to value the company. (For Standard & Poor's recovery rating methodology, see "Criteria Guidelines For Recovery Ratings On Global Industrials Issuers' Speculative-Grade Debt," published Aug. 10, 2009.) The senior secured credit facilities and 8.75% senior subordinated notes due 2019 are borrowed at the Penn National holding company level. On July 14, 2011, the company closed $2.15 billion in new credit...
Companies mentioned in this report are: Penn National Gaming Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Penn National Gaming Inc.
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