Moody's affirms Mohegan Tribal Gaming

Moody's Investors Service said it affirmed Mohegan Tribal Gaming Authority's Ba1 senior implied rating, Ba1 secured bank loan rating, Ba3 senior subordinated debt ratings, Ba2 long-term issuer rating and stable outlook following its announcement that it had entered into an agreement to purchase The Downs Racing Inc. and its subsidiaries (Pocono Downs) from Penn National Gaming Inc. (Ba3/stable) for $280 million.

Moody's said the affirmation anticipates the acquisition of Pocono Downs will ultimately have a positive impact on the Mohegan credit, help to reduce Mohegan's single-site dependence and provide some hedge against potential competition in the Northeast.

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