Mohegan Tribal Gaming Authority rating lowered
20 May 2008
CONNECTICUT -- As reported by the Norwich Bulletin: "A major Wall Street firm has lowered its rating for the Mohegan Tribal Gaming Authority but maintained its long-term outlook as stable.
"Moody's Investors Service downgraded the authority's corporate rating and probability of default rating from Ba1 to Ba2 based on lower-than-expected operating results 'caused by a slowing economy and increased competition in the Northeast.'
"The report also cited a significant amount of debt-financed development, which is expected to peak prior to the completion of its Project Horizon expansion in 2010. Much of the debt is related to the $925 million project..."