Moody's rates Great Canadian loan Ba2

Moody's Investors Service said it assigned a Ba2 (LGD3, 31%) rating to Great Canadian Gaming Corp.'s amended and extended C$350 million senior secured revolving credit facility due 2016. Moody's also affirmed all the existing ratings of the company, including its Ba3 corporate family and probability of default ratings, Ba2 (LGD3, 31% from LGD2, 28%) $170 million senior secured term loan due 2014 and B2 (LGD5, 85% from LGD2, 82%) $170 million of senior subordinated notes due 2015.

The outlook is stable.

The affirmation considers the solidified liquidity position due to the completion of the refinancing of the revolver as well as Great Canadian's overall stable operating performance that remains in line with expectations, the agency said.

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

The ratings also consider Great Canadian's small size and limited diversification, Moody's said.

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