S&P rates Isle of Capri notes B

Standard & Poor's said it assigned its B rating to Isle of Capri Casinos Inc.'s proposed $425 million senior subordinated notes due 2014 and also affirmed its ratings, including its BB- corporate credit rating, on the company.

The outlook remains stable.

Proceeds from these notes will be used to refinance its existing $390 million senior subordinated notes due 2009 and to fund fees and expenses associated with this transaction.

S&P said the ratings reflect Isle's aggressive growth strategy, the second-tier market position of many of its properties, and increased near-term expansion capital spending. These factors are offset by the company's diverse portfolio of casino assets, relatively steady historical operating performance, adequate liquidity, and credit measures that are in line with the rating.

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