S&P lowers Waterford Gaming

Standard & Poor's said it lowered its ratings on Waterford Gaming LLC.

The agency said it lowered the issuer credit rating to B from BB-, and also placed the ratings on Creditwatch with negative implications.

According to S&P, the downgrade and Creditwatch placement stem from a similar action on Jan. 30 on Mohegan Tribal Gaming Authority (B/watch negative).

The agency added that Waterford relies solely on distributions from Mohegan Tribal, which are linked to certain gross revenues at Mohegan Sun, excluding those from Casino of the Wind, to service its debt obligation.

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