S&P rates Gaming & Leisure notes BBB-

S&P said it gave Gaming & Leisure Properties Inc. planned senior unsecured notes BBB- issue and 2 recovery ratings.

Concurrently, the agency affirmed the company’s ratings, including its BB+ issuer rating.

GLPI plans to use the proceeds to help buy three casinos for $1.81 billion.

“Despite the leveraging impact of the transaction, GLPI is funding it with a sufficient amount of equity such that we expect pro forma leverage in the mid-5x area, providing cushion relative to our 6x downgrade threshold,” S&P said in a press release.

The outlook is stable.

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