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Moody's rates Mohegan notes Ba2, Ba3
Moody's Investors Service said it assigned a Ba2 rating to Mohegan Tribal Gaming Authority's new $250 million 6 1/8% guaranteed senior notes due 2013 and a Ba3 rating to its new $200 million 6 7/8% guaranteed senior subordinated notes due 2015. Existing ratings were affirmed.
Proceeds from the new notes will be used to repay Mohegan's outstanding bank borrowings.
The outlook is stable.
Moody's said Mohegan's Ba1 senior implied rating considers that the recently completed acquisition of Pocono Downs will ultimately have a positive impact on the Mohegan's credit, help to reduce Mohegan's single-site dependence, and provide some hedge against potential competition in the Northeast.
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