Moody's cut Mohegan Tribal Gaming

Moody's Investors Service said it downgraded Mohegan Tribal Gaming Authority's senior secured bank facility rating to B2 from B1 and senior unsecured bond rating to Caa2 from B3. The agency cut the authority’s rating to B3 from B2. The outlook is negative.

The downgrade is in response to the disruption in casino visitation resulting from efforts to contain the spread of the coronavirus including recommendations from federal, state and local governments to avoid gatherings and avoid non-essential travel. These efforts include mandates to close casinos on a temporary basis.

On March 16 and March 17, the authority announced its decision to temporarily suspend operations at its North American properties until further notice consistent with directives from various government bodies.

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