Moody’s changes Mohegan Tribal to positive

Moody's Investors Service said it revised Mohegan Tribal Gaming Authority's (MTGA) outlook to positive from stable.

The company's B3 corporate family rating, B3-PD probability of default rating, B2 bank loan rating and B3 senior unsecured note rating were affirmed.

At the same time, Moody's assigned an SGL-2 speculative grade liquidity rating, indicating a good liquidity profile.

"The outlook revision to positive reflects our view that gaming revenue performance has stabilized in Connecticut. This, combined with a lower expense structure, has improved MTGA's ability to further reduce leverage in advance of additional and significant direct competition," Moody’s senior vice president Keith Foley said in a news release.

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