S&P rates Great Canadian Gaming loan BB, note B+

Standard & Poor's said it assigned a BB corporate credit rating to Great Canadian Gaming Corp., a bank loan rating with a recovery rating of 2 to the company's proposed C$400 million senior secured credit facility and a B+ rating to its planned $173 million (equivalent to C$200 million) senior subordinated notes due 2015.

The outlook is stable.

The agency said the ratings on Great Canadian Gaming reflect the limited level of competition in the markets in which the company operates, its solid market share in British Columbia and the company's ability to receive reimbursements from some of the provincial governments for capital expenditures.

These factors are somewhat tempered by the company's high effective tax rate and its moderate-size cash flow base, S&P said.

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