S&P cuts Mohegan Tribal Gaming

Standard & Poor's said it lowered its ratings on Mohegan Tribal Gaming Authority to CCC from B and placed the ratings on CreditWatch with negative implications.

"The ratings downgrade and CreditWatch listing reflect weaker-than-expected operating performance in the fiscal year ended Sept. 30, 2010, in addition to substantial refinancing needs beginning in 2012, when MTGA's $675 million bank credit facility and $250 million senior subordinated notes mature," S&P analyst Melissa Long said in a statement.

Leverage, as measured by total adjusted debt to EBITDA, was more than 7.5x at Sept. 30.

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