Moody's lifts Mohegan Tribal

Moody's Investors Service said it raised Mohegan Tribal Gaming Authority's corporate family rating to B3 from Caa1 following the closing of a $955 million bank loan refinancing that puts the company in a better position to compete within Connecticut as well as with casino facilities in neighboring states.

The bank loan refinancing follows the August completion of a $500 million senior unsecured notes issue due 2021, proceeds of which were used to refinance the company's relatively high cost third-lien notes.

The outlook is stable.

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