S&P Lifts Outlook on Isle of Capri Casinos (ISLE) to Positive; Ratings Affirmed
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S&P Global Ratings said it revised its outlook on Isle of Capri Casinos Inc. (Nasdaq: ISLE) to positive from stable. At the same time, we affirmed all our ratings on Isle, including our 'B+' corporate credit rating.
"The positive outlook reflects our expectation for debt and leverage reduction following completion of the company's agreement to sell its Lake Charles, Louisiana property for $134.5 million," said S&P Global Ratings credit analyst Ariel Silverberg.
The sale represents a 7.8x multiple to fiscal 2016 (ended April) property-adjusted EBITDA (adjusted to add nonrecurring and noncash expenses and stock compensation expense). The positive outlook reflects our forecast that by early fiscal 2018, when the sale is expected to close, adjusted debt to EBITDA will improve below the mid-4x threshold we have set for considering higher ratings.
The positive outlook reflects our expectation that by early fiscal 2018, adjusted leverage will improve below the mid-4x area, the level at which we would consider higher ratings.
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