Moody's drops Harrah's

Moody's Investors Service said it downgraded Harrah's Entertainment Inc.'s probability of default rating to Ca from Caa3, following its announcement that it commenced a second private debt exchange offer.

Moody's said it also placed Harrah's probability of default rating, corporate family, and all other ratings on review for possible downgrade while the speculative-grade liquidity rating of SGL-3 was affirmed.

The downgrade of the probability of default rating reflects Harrah's announcement that it is offering up to $2.8 billion of new 10% second priority senior secured notes due 2018 for specified classes of existing debt, the agency added.

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