from Forbes online (11/19):
Moody's downgrades Native American casino debt
Associated Press, 11.19.08, 03:40 PM EST
"Moody's Investors Service on Wednesday cut credit ratings on $2.2 billion of collective debt issued by two Native American casino companies, citing a downturn in gambling revenue.
The credit rating agency lowered Mohegan Tribal Gaming Authority's corporate family rating and probability default rating to 'B1' from 'Ba2.' The 'B1' rating is assigned to securities that "lack characteristics of a desirable investment," Moody's (nyse: MCO - news - people ) said.
Moody's also cut Mohegan's $971.4 million senior subordinated notes to 'B3' from 'Ba3' and its $250 million senior notes to 'Ba3' from 'Ba1.' The rating agency assigned a 'stable' rating outlook." ...
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