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Bond rating agency revises outlook

Wednesday, Sept. 17, 2003 | 9:26 a.m.

Bond rating agency Standard & Poor's Tuesday revised its outlook for Station Casinos Inc. to "stable" from "negative."

The agency also affirmed its ratings on the company, including its BB corporate credit rating.

The revision reflects Station Casinos' "steady operating performance during the past few quarters and the expectation that this trend will continue over the intermediate term," S&P analyst Michael Scerbo said.

Also, the company's management fee generated from the tribal casino it manages near Sacramento, Thunder Valley Casino, "is likely to exceed previous expectations and enhance Station's ability to generate discretionary cash flow, which will be available to pursue growth opportunities, alleviating the need to increase debt materially above current levels," Scerbo said.

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