Dec 19 () - Standard & Poor's Ratings Services today revised its recovery rating on Penn National Gaming Inc.'s 8.75% senior subordinated notes due 2019 to '5' (expectation of 10% to 30% recovery) from '4' (30% to 50% recovery) and consequently lowered its issue-level rating on the notes to 'BB-' from 'BB', in accordance with our notching criteria. The issue-level rating was removed from CreditWatch, where it was placed with negative implications on Oct. 17, 2012. The rating revisions reflect t