S&P rates Pinnacle facility BB+

Standard & Poor's said it affirmed its ratings, including the BB- corporate credit ratings, on both Pinnacle Entertainment Inc. and Ameristar Casinos Inc.

All ratings were removed from CreditWatch, where they were placed with negative implications on Dec. 21, 2012.

The outlook is stable.

At the same time, S&P assigned Pinnacle Entertainment's proposed $2.6 billion senior secured credit facility an issue-level rating of BB+ with a recovery rating of 1, indicating the expectation for very high (90% to 100%) recovery for lenders in the event of a payment default.

The proposed facility consists of a $1 billion senior secured revolving credit facility due 2018 and a $1.6 billion senior secured term loan due 2020. The ratings remain subject to S&P's receipt and review of final documentation.

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