S&P: Argosy on watch

Standard & Poor's said its ratings on Argosy Gaming Co. remain on CreditWatch with negative implications, including its BB corporate credit rating, BB senior secured debt and B+ subordinated debt.

The CreditWatch listing followed the company's announcement that it had agreed to be acquired by Penn National Gaming, Inc. (BB-/positive/B-2) in a $2.2 billion transaction, including the assumption of debt, S&P said.

The agency said it expects that Argosy's existing bank facility will be refinanced upon closing of the transaction and that the rating will be withdrawn.

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