Moody's rates Marina District notes B2

Moody's Investors Service said it assigned a B2 rating (LGD4, 50%) to Marina District Finance Co., Inc.'s $725 million senior secured notes as well as a B2 corporate family and probability-of-default rating.

The outlook is stable.

Proceeds will be used to repay outstanding borrowings on MDFC's senior secured credit facility and to pay one-time dividend.

Moody's said the B2 corporate family rating considers the risks associated with the company's single asset profile and moderately high leverage. Pro forma debt to EBITDA is about 4.3 times.

Ratings also reflect the view that the Atlantic City gaming market will experience further and possible significant deterioration as a result of the expansion of gaming facilities in nearby states, the agency said.

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