Moody's: Gaylord to stable

Moody's Investors Service said it affirmed Gaylord Entertainment Co.'s corporate family and probability of default ratings at B3, $225 million of 6¾% senior global notes due Nov. 15, 2014 at Caa2 (LGD 5, 84%) and SGL-3 speculative-grade liquidity rating.

The outlook was revised to stable from negative.

The change in outlook reflects a view that Gaylord's debt protection metrics will gradually improve as the Gaylord Opryland Resort continues to ramp back-up to a more normalized level of earnings and cash flows, Moody's said.

The operating performance at Gaylord's three other properties also benefit from stronger industry trends, the agency said.

The stable outlook also considers that Gaylord successfully completes the refinancing of its bank credit facility in the near term, Moody's said.

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