Moody's cuts Waterford

Moody's Investors Service said it downgraded Waterford Gaming LLC's corporate family rating to B1 from Ba3.

Additionally, the agency said that the probability of default rating was downgraded to Ba3 from Ba2 and the rating on the senior unsecured notes due 2014, issued by Waterford and Waterford Gaming Finance Corp, was lowered to B1 from Ba3.

The outlook is stable.

The agency said that the action, which concludes the review process initiated on Feb. 11, is based on Mohegan Tribal Gaming Authority's current operating challenges and expected increase in leverage due to continuous debt-financed development activity, as well as the risk of lower cash distributions to Waterford.

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