S&P upgrades Waterford Gaming

Standard & Poor's said it raised Waterford Gaming LLC's corporate credit rating to BB- from B+ and senior unsecured debt rating to BB- from B+. The outlook is stable.

S&P said the upgrade reflects the company's improved credit measures and the expectation that this trend will continue over the intermediate term as the issuer's outstanding bond issue continues to amortize. At Dec. 31, Waterford Gaming's total debt to EBITDA was 4.2x and EBITDA coverage of interest expense was 2.5x.

The ratings on Waterford Gaming reflect the stable revenue stream from the operations of the successful Mohegan Sun Casino, the agency said, offset by Waterford Gaming's high debt level and reliance on a single property for its cash flow.

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