S&P lowers Mohegan Tribal

Standard & Poor's said it lowered the issuer credit rating on Mohegan Tribal Gaming Authority to 'selective default' from CC.

The agency also said it lowered the ratings on the company's existing credit facility, senior notes and senior subordinated notes to D from CC.

The actions follow news of the company's final results and settlement of the exchange offers and the amendment and restatement of the credit facility.

It is the S&P's view that the exchange offers and the extension of the bank facility are a de facto restructuring and tantamount to a default according to the agency's criteria.

These offers are viewed as distressed rather than opportunistic, S&P added.

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