TEXT-S&P rates Penn National proposed incremental term loans

Oct 17 - Standard & Poor's Ratings Services today assigned issue-level and
recovery ratings to Wyomissing, Pa.-based Penn National Gaming Inc.'s
proposed $1 billion of incremental term loans. We assigned the term
loans our issue-level rating of 'BBB-' (two notches higher than the 'BB'
corporate credit rating on the company) with a recovery rating of '1',
indicating our expectation for very high (90% to 100%) recovery for lenders in
the event of a payment default. The term loans will be compr

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