S&P affirms Gaylord Entertainment

Standard & Poor's said it affirmed the B corporate credit rating on Gaylord Entertainment Co. and removed it from CreditWatch, where it was placed with negative implications on May 4.

The outlook is negative.

The B- issue rating on Gaylord's senior notes was also affirmed and removed from Watch. The recovery rating of 5 remains unchanged.

"The rating affirmation follows our review of management's estimates for the cost to restore Gaylord Opryland Resort and the company's other Nashville area assets, and our belief that Gaylord will have adequate liquidity to absorb the expenditures and lost cash flow due to the facility's flooding and closure," S&P analyst Emile Courtney said in a statement.

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