Moody’s gives Maple Grove Securities Baa1

Moody's Investors Service said it gave a Baa1 senior unsecured debt rating to the pre-capitalized trust securities (P-Caps) expected to be issued by Maple Grove Funding Trust I.

The P-Caps are intended to serve as a source of capital and liquidity for NLV Financial Corp.

The trust will use the proceeds to buy high quality collateral for the benefit of investors. NLV has the right to issue senior notes to Maple Grove in exchange for the high-quality collateral held within the trust.

“Because of NLV's unilateral right to issue senior notes to the trust, and because any such notes would rank equal to all other senior unsecured debt of NLV, the rating of the P-Caps is aligned with the Baa1 senior debt rating of NLV,” Moody’s said in a press release.

Moody's said it also assigned a stable outlook to the trust, consistent with the outlook of NLV.

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