Moody's rates Argosy loans Ba1

Moody's Investors Service said it raised the ratings of Argosy Gaming Co. and assigned a Ba1 rating to the company's proposed $500 million senior secured revolving credit facility due 2009 and $175 million senior secured term loan B due 2011.

The outlook is stable.

Moody's raised Argosy's senior implied rating to Ba2 from Ba3, senior unsecured issuer rating to Ba3 from B1, $400 million secured revolver due 2006 to Ba1 from Ba2, $269.5 million senior secured term B loan due 2008 to Ba1 from Ba2, $350 million 7% non-guaranteed senior subordinated debt due 2014 to B1 from B3, $200 million 9.0% guaranteed senior subordinated notes due 2011 to Ba3 from B2, senior secured shelf to prospective Ba1 from prospective Ba2, senior unsecured shelf to prospective Ba3 from prospective B1, senior subordinated shelf to prospective B1 from prospective B2 and subordinated shelf to prospective B2 from prospective B3.

Moody's said Argosy's ratings reflect significant reliance on its Lawrenceburg, Ind., property as well as the possibility of competition from neighboring jurisdictions, specifically Ohio, Kansas and Kentucky.

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