Moody's drops Holdings Gaming

Moody's Investors Service said it downgraded Holdings Gaming Borrower, LP's corporate family rating and probability of default rating to Caa3 from Caa2.

Moody's said it also lowered the company's senior secured revolver and the first-lien first out term loan to Caa1 from B3, and its first-lien first loss term loan to Ca from Caa3.

The outlook is negative.

The agency added that this rating action concludes the review for possible further downgrade that was placed on Jan. 7.

The Caa3 and negative outlook reflects Moody's opinion that the company's capital structure is not sustainable in its current form and may require a restructuring that involves some level of impairment to debt holders.

© 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.