S&P ups Gaylord Entertainment outlook, debt, rates notes B

Standard and Poor's said it assigned its B rating to Gaylord Entertainment Co.'s proposed $200 million senior unsecured notes due 2014. Concurrently, S&P revised its outlook on Gaylord to stable from negative, raised its rating on company's senior unsecured debt to B from B-, and affirmed its B corporate credit rating.

Proceeds from the proposed note offering will be used to fully redeem the $193 million outstanding senior secured notes issued by Gaylord Opryland Hotel Nashville LLC, a subsidiary of Gaylord Entertainment Co.

S&P said the ratings on Gaylord reflect the company's small hotel portfolio, active growth strategy, reliance on external sources of capital to fund growth and potential challenges associated with the development of the sizable Gaylord National near Washington, D.C.

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