Moody's downgrades Green Valley

Moody's Investors Service said it lowered Green Valley Ranch Gaming, LLC's probability-of-default rating to D from Caa3, first-lien term loan due 2014 to Ca (LGD3, 45%) from Caa3 (LGD3, 45%) and second-lien term loan due 2014 to C (LGD6, 92%) from Ca (LGD6, 92%) and affirmed the corporate family rating at Ca.

The outlook remains negative.

The agency said the downgrade reflects Green Valley's failure to make the scheduled interest payments on its term loans due 2014 within the allowed grace periods.

The negative outlook reflects uncertainty regarding the company's viability as a going concern given its highly leveraged capital structure, Moody's said.

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