Standard & Poor’s Ratings Services said it has revised its outlook on Galaxy Casino SA to positive from stable after Europe-based private equity firm Permira said it would buy a 20 pct stake in the company’s parent, Galaxy Entertainment Group Ltd.

The agency affirmed its ‘B+’ long-term corporate credit and ‘B+’ issue ratings on Galaxy Casino’s senior unsecured notes.

‘Galaxy Casino’s key financial metrics will not benefit directly. However, the proceeds would lower the prospects that Galaxy Casino will need to channel funds upstream to help GEG service its debt or fund other activities,’ said S&P credit analyst Peter Sikora.

The outlook revision and ratings affirmation also reflect good revenue growth at Galaxy Casino’s operating casinos in Macau in the first half of 2007, particularly at Galaxy StarWorld, its flagship casino on the Macau peninsula, S&P added.

Source: CNN Money

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