Proceeds from the issuance of the PPE notes will be used to reduce outstanding bank debt. Ratings affirmed include $1.32 billion of senior notes at `BBB-` and $1.65 billion of senior subordinated notes at `BB+' and commercial paper at `F3'. The Rating Outlook is Stable.
The ratings reflect PPE's large and diversified asset base, proven cash flow generating capabilities and good financial flexibility. Offsetting factors include continued competitive market conditions in northern Nevada and Tunica, Miss., the potential for share repurchases and debt-financed acquisitions.