S&P: Gaylord Entertainment view stable

Standard & Poor's said it revised the outlook on Gaylord Entertainment Co. to stable from negative and affirmed its B corporate credit rating.

The outlook revision reflects the expected restoration and opening of the Opryland Resort on Nov. 15, the company's announcement that costs associated with the restoration will fall within Gaylord's stated budget and the receipt of insurance proceeds that provide some cushion as an add-back to consolidated EBITDA in the bank's fixed-charge covenant calculation, according to the agency.

The company's lease- and pension-adjusted debt-to-EBITDA ratio is expected to peak in the mid-8x area at the end of 2010 from 7.4x as of September.

The B rating reflects the company's high leverage and minimal asset diversity, the agency said.

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