Moody's rates Isle of Capri loan Ba2

Moody's Investors Service said it assigned a Ba2 rating to Isle of Capri Casinos Inc.'s proposed $650 million senior secured bank facility.

Proceeds from the new bank facility will be used to refinance the company's existing Ba2 rated bank debt and to help fund expansion projects.

Moody's also confirmed Isle's Ba3 senior implied rating, B1 senior unsecured long-term issuer rating and B2 senior subordinated rating. The outlook is stable.

The rating considers the company's continued significant development activity within the restricted group that is expected to keep Isle's restricted group debt/EBITDA level above 5.0x through fiscal 2006, a level higher than the restricted group has experienced over the past few years, according to Moody's.

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