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S&P lifts Inn of the Mountain Gods
Standard & Poor's said it raised Inn of the Mountain Gods Resort and Casino's corporate credit rating to B from B- and removed the rating from CreditWatch, where it was placed with positive implications on May 17.
The outlook is stable.
The agency said the upgrade was driven by Inn of the Mountain Gods' improved operating performance and cash flow generation over the past several quarters due to extensive cost-control measures and top-line growth.
Although management has demonstrated an ability to maintain better cost-control practices, S&P believes that the company's revenues will remain volatile over time. Because Inn of the Mountain Gods is located in such a remote location, its revenues are highly dependent on tourist and vacation traffic. Therefore, revenues are expected to exhibit greater sensitivity to economic conditions than for many of the company's rated peers, the agency said.
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