Moody's cuts Green Valley

Moody's Investors Service said it downgraded Green Valley Ranch Gaming, LLC's corporate family and probability-of-default ratings to B3 from B2, its $15 million first-lien revolver due 2012 and $550 million first-lien term loan due 2014 to B2 from B1, and its $250 million second-lien term loan due 2014 to Caa2 from Caa1.

Also lowered were various classes of senior secured first-lien revolving and term loan credit facilities to B2 from B1, and second-lien term loan to Caa2 from Caa1. Ratings remain on review for further downgrade.

The downgrade considers the impact on credit metrics from the continued decline in gaming revenue in Las Vegas, according to Moody's.

The issuer's debt-to-EBITDAM ratio was 7.7 times at March 31.

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