Moody's drops Gaming Borrower

Moody's Investors Service said it lowered Holdings Gaming Borrower's corporate family and probability of default ratings to Caa1 from B3.

The ratings for the $10 million first-lien revolver and $305 million first-lien first out term loan were downgraded to B2 from B1, the agency said, adding that the rating for the $100 million first-lien first loss term loan was also lowered to Caa2 from Caa1.

The outlook is negative.

Moody's noted that the rating actions are predicated on the very weak and significantly below expectation slot revenues and slot win per day generated by the Rivers Casino since its opening on Aug. 9.

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