Moody's affirms Great Canadian Gaming

Moody's Investors Service said it affirmed Great Canadian Gaming Corp.'s corporate family rating and probability of default rating at Ba3, C$200 million senior secured revolving credit facility due 2012 at Ba2 (LGD 2, 28%), $170 million senior secured term loan due 2014 at Ba2 (LGD 2, 28%) and $170 million senior subordinated notes due 2015 at B2 (LGD 5, 83%) .

The outlook is stable.

The affirmation reflects that Great Canadian's performance remains in line with expectation despite the continued topline pressure due to weakened gaming demand in Canada, Moody's said.

The ratings continue to consider the company's leading market position, eligibility for capital spending reimbursement programs in British Columbia and Nova Scotia, the agency said, and substantial barriers to entry in the regulated Canadian gaming markets.

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