Moody's affirms Mohegan Tribal Gaming

Moody's Investors Service said it affirmed the Mohegan Tribal Gaming Authority's Ba1 corporate family rating, Ba1 secured bank loan rating, Ba2 senior debt rating and Ba3 senior subordinated debt ratings.

The outlook is stable.

The ratings reflect Moody's opinion that Mohegan Tribal Gaming's positive operating trends and competitive profile are strong enough to materially offset its high leverage relative to its current rating. Connecticut legislation currently prohibits all gaming in the state except for Mohegan Sun and Foxwoods Resort Casino. The ratings also take into account the development of Pocono Downs, which will ultimately have a positive impact on the authority's credit profile, help to reduce its single-site dependence and provide some hedge against potential competition in the Northeast.

Debt to EBITDA for the 12 months ended June 30 was 4.1x.

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