S&P: No change to Gaylord Entertainment

Standard & Poor's said its B+ corporate credit rating and stable outlook on Gaylord Entertainment Co. are not currently affected by the company's announcement that it is exploring ways to unlock shareholder value.

The agency said its current base-case expectation is that Gaylord's leverage will improve to the low-5x area and EBITDA coverage of interest expense will improve to around 3x in 2012. The agency said these credit measures are good for the current rating.

S&P said Gaylord may have some capacity for a moderate level of additional leverage over the next couple of years, but the agency would need to assess the impact of any potential transaction in light of the company's proposed Aurora, Colo. hotel development plans.

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