Operating performance and cash flow generation for U.S. casino operator PCI Gaming Authority have exceeded our earlier expectations. We are raising our issuer credit rating on the Authority to 'BB' from 'BB-'. The stable outlook reflects our expectation that free cash flow generation and repayment provisions in the authority's credit agreement will support meaningful debt repayment and appropriate credit measures for the rating. On Dec. 16, 2009, Standard&Poor's Ratings Services raised its issuer credit rating on Atmore, Ala.-based PCI Gaming Authority (PCI) to 'BB' from 'BB-'. The rating outlook is stable. In conjunction with this action, we also raised our issue-level rating on PCI's $160 million senior secured multi-draw term loan by one notch, to 'BB' from 'BB-'.
