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Moody's rates Mohegan Tribal notes Caa1
Moody's Investors Service said it assigned a Caa1 rating to Mohegan Tribal Gaming Authority's proposed $425 million senior unsecured notes due 2021.
The authority's existing ratings were affirmed, including the Caa1 corporate family rating and Caa1-PD probability of default rating.
The outlook is stable.
Proceeds will be used to refinance Mohegan Tribal's $417.7 million 10½% third-lien notes due 2016 (not rated).
Moody's said the Caa1 rating on the proposed notes, the same as Mohegan Tribal's corporate family rating, considers the significant amount of debt, both ahead and below of the proposed notes.
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