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Rating outlook upgraded

Wednesday, Jan. 28, 2004 | 11:10 a.m.

Moody's Investors Service has revised the rating outlook of locals' casino operator Herbst Gaming Inc. of Las Vegas to "positive" from "stable" and confirmed the company's existing debt ratings.

The upgrade is based on Herbst's "improved financial performance and market position since acquiring the slot route business of Anchor Coin in February 2003 as well as the company's favorable growth prospects."

The company operates in one of the fastest growing areas in the United States and has demonstrated an ability to generate free cash flow, Moody's said.

"Ratings could be raised over the next 12 months to the extent that positive operating trends continue and Herbst demonstrates an ability and willingness to sustain an improved financial profile over the long-term," the agency said.

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