S&P lifts Gaming & Leisure

S&P said it raised its corporate credit rating on Gaming & Leisure Properties Inc. to BB+ from BB and raised the issue-level ratings on its unsecured debt to BBB- from BB+.

The recovery rating remains 2, reflecting an expectation for substantial recovery (70% to 90%; rounded estimate: 85%) for lenders in the event of a payment default.

The outlook is stable.

The agency said the upgrade reflects a reassessment of the company’s financial policy commitment and increased confidence that the company will sustain adjusted leverage under 5.5x over the long term, even factoring in acquisitions.

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