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S&P: Isle of Capri view to stable
Standard & Poor's said it revised the outlook on Isle of Capri Casinos Inc. to stable from negative, and affirmed its corporate credit rating at B.
The outlook revision follows Isle's successful execution of an amendment to its credit facility, which revised covenant levels, providing the company with additional cushion, S&P said.
The agency has noted a concern around a significant reduction in the covenant cushion beginning in the April 2010 fiscal quarter. S&P said it now expects the cushion with respect to the revised covenant level to remain in the mid-single digit percentage area over the next several quarters.
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