S&P lowers Mohegan Tribal Gaming

Standard & Poor's said it lowered its ratings on Mohegan Tribal Gaming Authority, including lowering the issuer credit rating to B from BB-, and placed the ratings on CreditWatch with negative implications.

The agency said the downgrade and CreditWatch placement stem from its concerns about Mohegan's weakening credit measures during a difficult operating environment, its constrained liquidity position and its ability to remain in compliance with its financial covenants over the next several quarters. S&P estimates that the total adjusted debt-to-EBITDA ratio could rise to the 9 times area in fiscal 2009.

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