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Fitch ups Pinnacle notes to BB-
Fitch Ratings said it affirmed Pinnacle Entertainment's issuer default rating at B and $625 million bank credit facility at BB.
The agency upgraded the $795 million subordinated notes to BB-/RR2 from B-/RR5.
The outlook is stable.
Fitch said the issuer default rating reflects one of the most attractive growth profiles in the industry with the potential to more than double EBITDA in the next five years and meaningfully increase its diversification.
The cost of that growth profile could mean more than $3 billion of capital spending contributing to significant negative free cash flow over that time, the agency said, with a lot of the spending likely to be funded by debt.
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