The 'BB' rating on Atmore, Ala.-based casino operator PCI Gaming Authority (PCI) reflects its limited geographic diversity given the location of its three casinos in central and southern Alabama, which offers weaker demographics relative to many other gaming markets, as well as some uncertain surrounding future development plans. Still, limited competition (particularly following the recent efforts by Alabama's governor to shut down bingo halls in the state), solid operating cash flow generation, and strong credit measures for the rating partially offset the aforementioned factors. Recent operating performance has benefited meaningfully because of the disruption and cessation of gaming at PCI's commercial competitors in Alabama. This followed the governor's decision to close gaming facilities that offer electronic bingo games (PCI's facilities
