S&P raises Gaylord Entertainment

Standard & Poor's said it raised its corporate credit rating on Gaylord Entertainment Co. to B+ from B and affirmed its B- rating on the company's senior unsecured debt.

At the same time, S&P said it removed the ratings from CreditWatch, where they were placed with positive implications April 6.

The outlook is stable.

The upgrade reflects S&P's expectation that the Gaylord National Hotel Resort and Convention Center near Washington D.C. will have a good opening in the June 2008 quarter.

The agency added that the B+ rating on Gaylord reflects the company's small hotel portfolio, its strategy to expand its brand through large-scale development projects, its reliance on external sources of capital to fund growth and construction and start-up risks associated with multiple potential developments.

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