Moody's: Waterford unchanged

Moody's Investors Service said that Waterford Gaming, LLC's Caa3 corporate family rating and negative rating outlook are not affected by Mohegan Tribal Gaming Authority's recently announced exchange offer.

Mohegan Tribal Gaming announced that it has commenced a series of debt-refinancing transactions designed to extend the maturity dates of the company's capital structure, including private par exchange offers and an amendment and restatement of its credit facility, Moody's said.

However, Waterford's ratings continue to reflect the high default probability and weak recovery prospects for bond holders irrespective of the final outcome of Mohegan's debt exchange, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.