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S&P rates Mohegan Tribal Gaming notes B-
Standard & Poor's said it assigned a B- rating to Mohegan Tribal Gaming Authority's proposed $200 million second-lien senior secured notes due 2017 and placed its $250 million 6 1/8% senior notes on CreditWatch with negative implications. Following close of this transaction, the agency said it will lower the rating to CCC+ from B-.
The B issuer credit rating was affirmed.
The outlook is negative.
"The B rating reflects MTGA's high debt leverage, limited cash flow diversity and distributions to the Tribe that preclude meaningful cash flow retention," S&P analyst Melissa Long said in a statement.
The high quality of the resort in Connecticut and limited new expected competition within the next two to three years partially temper these concerns, the agency added.
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