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Moody's assigns Kerzner notes B2
Moody's Investors Service said it assigned a B2 rating to Kerzner International Ltd.'s proposed $400 million guaranteed senior subordinated notes due 2015 and affirmed the company's Ba3 corporate family rating and stable rating outlook.
Moody's said the B2 rating on the proposed notes considers that they will have a formal guaranty from Kerzner's operating subsidiaries and the company will have the ability to raise additional debt as long as it meets a 2.0 times fixed charge debt incurrence test and the indenture includes a $900 million senior secured credit facility carve-out that will not be subject to the fixed charge debt incurrence test.
The affirmation of the ratings considers the high quality of the company's assets and significant amount of customer loyalty attached to the Atlantis brand name and the stability of cash flows generated by the Mohegun Sun (Ba1/stable) relinquishment payments and other management contracts, the agency said.
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