Moody’s ups Mohegan Tribal

Moody’s Investors Service said it upgraded Mohegan Tribal Gaming Authority’s corporate family rating to Caa1 from Caa2 and probability of default rating to Caa1-PD from Caa2-PD.

The agency affirmed the B1 rating on MTGA’s first-lien revolver and Caa1 rating on its senior secured second-lien notes. Moody’s also upgraded MTGA’s speculative grade liquidity rating to SGL-3 from SGL-4.

“The elimination of significant near-term loan amortization requirements and term loan debt maturity allowed MTGA to circumvent a potential default later this year,” said Keith Foley, a Moody’s senior vice president, in the release.

The outlook is stable.

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