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Research Update: Pinnacle Entertainment Inc. Upgraded to 'BB-'; Proposed Term Loan, Subordinated Notes Assigned Preliminary Ratings Mar 12 Product Image

Research Update: Pinnacle Entertainment Inc. Upgraded to 'BB-'; Proposed Term Loan, Subordinated Notes Assigned Preliminary Ratings Mar 12

  • ID: 2085985
  • March 2012
  • Standard & Poors

Abstract
We are raising our corporate credit rating on U.S. gaming operator Pinnacle to 'BB-' from 'B+'. The upgrade reflects continued strong performance, which has positioned Pinnacle with sufficient flexibility relative to our leverage threshold at 'BB-' to complete planned development spending. Additionally, Pinnacle has announced plans to issue a $250 million term loan due 2019 and a $250 million subordinated notes issue due 2022, and we are assigning preliminary ratings to the proposed debt offerings. The stable rating outlook reflects our expectation that Pinnacle's credit measures will remain in line with a 'BB-' rating over the next few years, despite planned development spending. On March 5, 2012, Standard & Poor's Ratings Services raised its corporate credit rating on Las Vegas-based...

Companies mentioned in this report are:
- Pinnacle Entertainment Inc.

Action: New Rating
Action: Outlook: Stable
Action: Preliminary Rating
Action: Upgraded

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