Moody's cuts Green Valley Ranch debt to B1

Moody's Investors Service said it downgraded Green Valley Ranch Gaming, LLC's senior secured credit rating to B1 from Ba3 and affirmed the corporate family and probability-of-default ratings at B2.

The outlook is stable.

The downgrade follows the upsizing of Green Valley's proposed first-lien term loan to $550 million from $500 million, and the agency said the revision reflects the decreased support (i.e., debt cushion) the second-lien term loan provides to the higher-priority revolver and term loan B facilities.

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