S&P: Isle of Capri outlook negative

Standard & Poor's said it revised its outlook on Isle of Capri Casinos Inc. to negative from stable and affirmed its ratings on the company, including its BB- corporate credit rating.

The outlook revision follows Isle of Capri's announcement that the company has been selected by the Illinois Gaming Board as the successful bidder for the 10th Illinois gaming license. The company bid $518 million for the license.

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

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