Moody's downgrades Buffalo Thunder

Moody's Investors Service said it lowered Buffalo Thunder Development Authority's corporate family rating, probability-of-default rating and $245 million senior notes to Caa3 from B3. The loss-given-default assessment on the notes remains LGD4 (52%).

The outlook remains negative.

The agency said the downgrade reflects the significantly lower-than-expected ramp-up for the new Buffalo Thunder Resort due to the current economic headwinds and the resulting risk that the authority might not be able to meet its debt service obligations in the next 12 months.

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