Moody's ups Mohegan Tribal outlook to stable

Moody's Investors Service said it revised Mohegan Tribal Gaming Authority's outlook to stable from negative.

The company's B3 corporate family rating, B3 probability of default rating, B1 second-lien note rating and Caa2 senior subordinated note rating were affirmed, the agency added.

At the same time, Mohegan Tribal's $250 million of 6 1/8% senior unsecured notes due 2013 were lowered to B2 from B1, the agency noted.

"The revision of Mohegan Tribal's outlook to stable reflects the closing of the company's $200 million second-lien note offering along with favorable amendments to the leverage covenants in its bank loan agreement," stated Keith Foley, senior vice president at Moody's.

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