TEXT - S&P comments on Boyd Gaming
Jan 2 - Standard & Poor's Ratings Services said today that its ratings on Boyd Gaming Corp. are unaffected by the recent amendment to its credit facility. The amendment loosens the senior secured leverage and total leverage covenants for all periods and slows the pace of step-downs in these covenants, and reduces the minimum interest coverage covenant for two periods in 2013. We had previously expected that Boyd would need to secure an amendment to covenant levels given our performance expectations and the aggressive pace of step-downs in the senior secured and total leverage covenants. We did not expect Boyd to be able to meet the step-down in the total leverage covenant in the fourth quarter. However, our 'B' corporate credit rating and stable outlook factored in our expectation that Boyd would be successful in amending covenant levels to alleviate covenant pressure.