S&P: Mohegan Tribal unchanged

Standard & Poor's said that its rating and outlook on Mohegan Tribal Gaming Authority (BB-/negative) are unaffected by the Authority's announcement that it will delay construction on the Earth expansion component of Project Horizon given difficult economic conditions affecting gaming operators.

The Authority expects to reevaluate the feasibility of the expansion in the next 12 months, the agency said.

S&P noted that it views the decision to delay the Earth expansion project as a positive in terms of Mohegan Tribal's overall credit profile, as it will greatly reduce the Authority's capital spending needs over the near term.

However, the agency said it has determined that the negative outlook remains appropriate.

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