Moody's: Chukchansi outlook negative

Moody's Investors Service said it revised the outlook on Chukchansi Economic Development Authority to negative from stable and affirmed the B2 corporate family and probability-of-default ratings and B2 senior note rating (LGD4, 66% from 65%).

According to the agency, the change reflects expectation that the challenging economic environment could continue to hurt EBITDA.

Economic pressure in the first half is unlikely to abate in the near term, the agency noted, and could more than offset the benefits linked to the recently completed expansion project.

Moody's said it believes that total debt-to-EBITDA ratio could remain above 5 times in the near term.

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