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S&P lowers Mohegan Tribal, rates new notes CCC
Standard & Poor's said it downgraded Mohegan Tribal Gaming Authority's issuer credit rating to CC from CCC.
The rating remains on CreditWatch with negative implications.
The agency also said it lowered the rating on the company's $675 million revolving credit facility to CC from CCC. The rating also remains on CreditWatch with negative implications.
S&P also said it revised to developing from negative the CreditWatch implications on the CCC- issue-level rating on the $200 million second-lien notes due 2017.
The agency also revised similarly the CreditWatch implications on the CCC+ issue-level rating on Mohegan Tribe of Indians' priority distribution bonds.
The ratings on the company's senior notes and senior subordinated notes remain at CC.
S&P also said it assigned a CCC rating to the proposed second-lien notes due 2017, proposed third-lien notes due 2016 and proposed senior subordinated toggle notes due 2018.
Due to the variability of the post-exchange capital structure given uncertainty around the size of the new notes issuances, the agency said it is not assigning dollar amounts to these issues at this time.
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