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Moody's cuts Resorts International notes to Caa1
Moody's Investors Service said it lowered Resorts International Hotel and Casino's corporate family rating and first mortgage note rating to Caa1 from B2 and assigned a negative outlook.
The downgrade and negative outlook reflect the company's sharp decline in EBITDA during the most recent quarter, tight liquidity position and possibility that the company will not be able to service its Sept. 15 semi-annual interest payment related to the company's 11½% first mortgage notes.
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