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Moody's downgrades Revel
Moody's Investors Service said it downgraded Revel Atlantic City, LLC's corporate family rating to C from Caa3, probability of default rating to D-PD from Caa3-PD and $900 million senior secured first-lien term loan due 2017 to C (LGD5, 75%) from Caa2 (LGD3, 38%).
The downgrade follows the company's March 25 voluntary filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The ratings will be withdrawn.
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