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S&P: Gala Coral view to stable
Standard & Poor's said it revised the outlook on Gala Coral Ltd. to stable from negative.
S&P also said it affirmed the company's B long-term corporate credit rating, along with the B+ rating on Gala Coral Group Finance plc's £350 million secured notes and CCC+ rating on Gala Electric Casino plc's £275 million unsecured notes.
Recovery ratings on these instruments are unchanged at 2 and 6, respectively. The 2 rating indicates 70% to 90% expected default recovery and the 6 rating indicates 0 to 10% expected recovery.
The outlook revision follows early signs of improvement in Gala's operating performance, S&P said.
In the financial year that ended Sept. 29, the agency said it forecast revenues of about £1.19 billion and reported EBITDA of about £280 million, in line with management's budget and ahead of the £261 million reported in 2011. Over the next 12 months, S&P said it forecasts that Gala's operating performance will remain resilient.
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