The 'BB-' rating on Atmore, Ala.-based PCI Gaming Authority (PCI) reflects its limited geographic diversity and the location of the tribe's three casinos in central and southern Alabama, which offers weaker demographics relative to many other gaming markets. Additionally, the rating reflects our concern regarding the level of returns that will be generated by the Wind Creek Atmore project. Limited competition in the vicinity of Montgomery, relatively stable cash flow generation from existing gaming facilities, and moderate debt leverage for the rating partially offset the aforementioned factors. PCI Gaming Authority was created by the Alabama-based Poarch Band of Creek Indians to manage and operate its three Class II gaming facilities in Alabama: Creek Entertainment Center (CEC), Riverside Entertainment Center (REC),
