...- Due to development spending, we believe Alabama-based PCI Gaming Authority's (doing business as Wind Creek Hospitality) S&P Global Ratings-adjusted leverage will increase to the mid- to high-1x range in fiscal year 2022 (ending Sept. 30, 2022) from the low-1x area in fiscal year 2021. Despite this modest increase in its leverage, the Authority's relatively stable cash flow generation will likely enable it to maintain a significant cushion relative to our 3x downgrade threshold and we believe the risk of future material operating restrictions (especially at its Alabama properties) is minimal. - Therefore, we revised our outlook on PCI to stable from negative and affirmed all of our ratings, including our '##+' issuer credit rating. - The stable outlook reflects our forecast for S&P Global Ratings-adjusted leverage in the mid- to high-1x range over the next two years, even after incorporating development spending, which will provide the company with an ample cushion relative to our 3x downgrade...
