Moody's may cut Waterford Gaming

Moody's Investors Service said it placed Waterford Gaming, LLC and its wholly owned subsidiary and co-issuer Waterford Gaming Finance Corp. on review for downgrade.

Ratings affected include Waterford's Ba3 corporate family and Ba2 probability-of-default ratings as well as Ba3 ratings to the senior unsecured notes due 2012 and senior unsecured notes due 2014.

Moody's said the possible downgrade follows the placement of Mohegan Tribal Gaming Authority's ratings under review for downgrade after MTGA's recent announcement that its fiscal 2008 first quarter EBITDA was 19% lower than for the comparable period the prior year, partly due to a decline in gross slot revenue at the Mohegan Sun Casino.

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