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Moody's lowers Mount Airy
Moody's Investors Service said it downgraded Mount Airy #1, LLC's probability of default rating to Caa3 from Caa2, and downgraded the corporate family rating to Caa3 from Caa1.
Moody's said it also downgraded the company's senior secured bank facilities to Caa3 from Caa1.
The outlook is negative.
According to the agency, the downgrade reflects weaker than anticipated operating results caused by declining gaming demand and competition from Mohegan Sun's Pocono Downs facility that opened in July.
Affected ratings include the company's $15 million senior secured first-lien revolving credit facility to Caa3 (LGD 4, 51%) from Caa1 (LGD 3, 35%) and $275 million senior secured first-lien term loan to Caa3 (LGD 4, 51%) from Caa1 (LGD 3, 35%).
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