Moody's drops Green Valley Ranch

Moody's Investors Service said it lowered Green Valley Ranch, LLC's corporate family rating and probability default rating to Caa1 from B3.

Moody's said it also lowered the company's first-lien term loan to B3 from B2, and second-lien term loan to Caa3 from Caa2 while a negative outlook was assigned.

This rating action concludes the review process that was initiated on July 17, the agency noted.

"The downgrade of Green Valley Ranch's ratings considers that weak consumer spending trends will continue to negatively impact gaming revenue in the Las Vegas locals market," stated Keith Foley, senior vice president.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.