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07 Jun 2010
New York, June 07, 2010 -- Moody's Investors Service today affirmed Gaylord Entertainment Co.'s
(Gaylord) B3 Corporate Family Rating (CFR) and Probability of Default
Rating (PDR) and Caa2 (LGD 5, 84%) senior unsecured ratings.
In addition, the company's Speculative Grade Liquidity rating
was downgraded to SGL-3 from SGL-2. Moody's
also changed the company's rating outlook to negative from stable.
"The downgrade of the speculative grade liquidity rating reflects
Moody's view that the significant cost to repair and re-open
the Gaylord Opryland Resort, as well as the loss of earnings from
this property until it successfully opens and ramps back-up,
will materially impact liquidity over the near term" stated Bill
Fahy, Moody's Senior Analyst. "Although Gaylord
has about $190 million in cash and expects insurance proceeds of
$50 million and a tax refund of about $30 million,
this may be insufficient to cover the $270 - $290
million cost to repair, operate, and re-open the Gaylord
Opryland Resort. Gaylord will also rely on earnings from its other
three properties as well as its $300 million revolving credit facility
to provide liquidity. However, the loss of earnings due to
the closure of the Opryland Resort will negatively impact debt protection
metrics, and as a result could limit Gaylord's full access
to its revolver" stated Fahy.
The change in outlook to negative from stable reflects Moody's view
that Gaylord's debt protection metrics will remain very weak until
the Gaylord Opryland Resort is successfully re-opened and ramps
back-up to a more normalized level of earnings and cash flows.
The ratings affirmed and LGD point estimates updated are;
Corporate family rating of B3
Probability of default rating of B3
$225 million 6.75% senior global notes due November
15, 2014 rated Caa2 (LGD 5, 84% from LGD 5, 86%)
Rating downgraded ;
Speculative Grade Liquidity Rating lowered to SGL-3 from SGL-2
The outlook is negative
The principal methodology used in rating Gaylord was the Global Lodging
rating methodology, published in December 2007 and available on
www.moodys.com in the Rating Methodologies sub-directory
under the Research and Ratings tab. Other methodologies and factors
that may have been considered in the process of rating this issuer can
also be found in the Rating Methodologies sub-directory on Moody's
Moody's last rating action for Gaylord occurred on May 8, 2009,
when Moody's downgraded the company's Corporate Family Rating and
Probability of Default Rating to B3 from B2, and the senior unsecured
ratings to Caa2 from Caa1. The company's Speculative Grade Liquidity
rating of SGL-2 was affirmed with a stable outlook.
Gaylord Entertainment Company (Gaylord), headquartered in Nashville,
Tennessee, is a hospitality and entertainment company. Gaylord
owns and operates several convention centers and resorts located in Tennessee,
Florida, Texas, and Washington, D.C. The
company specializes in hosting large conferences and conventions.
Revenues are approximately $900 million.
William V. Fahy
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
Peter H. Abdill, CFA
Corporate Finance Group
Moody's Investors Service
Moody's affirms Gaylord's B3 CFR, downgrades SGL Rating, changes outlook to negative
No Related Data.
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