Moody's Investors Service raised Penn National Gaming Inc.'s outlook as well as its secured bank loan rating on Wednesday, saying the casino operator has done well compared to its rivals and improved its credit profile.
The actions come a day after Standard & Poor's Ratings Services raised Penn's corporate credit rating mostly because the Wyomissing, Pa., company added table games at two locations.
Moody's boosted Penn's outlook to positive from stable.
"Despite the previous economic downturn and heightened competitive pressures that have negatively impacted the U.S. gaming sector and many gaming issuers, Penn has managed to consistently improve its operating performance on both a consolidated and same-store basis, as well as its consolidated credit metrics," Moody's said.
Moody's lifted Penn's secured bank loan rating one notch in junk status to "Ba1" from "Ba2." It maintained "Ba2" ratings on Penn's corporate family debt and probability of default.
Shares of Penn National Gaming rose 3 cents to $37.70 by late morning.