Moody's rates OpBiz loans B3

Moody's Investors Service said it assigned a B3 rating to OpBiz LLC's $496 million senior secured term loan A and $10 million senior secured term loan B. Both term loans mature in 2010.

Moody's also assigned a B3 senior implied rating, Caa2 long-term issuer rating and SGL-3 speculative grade liquidity rating.

Proceeds from the bank facility were used to fund OpBiz's acquisition of the Aladdin Resort and Casino in September 2004. The outlook is stable.

Moody's said OpBiz's B3 rating considers that the company is entirely dependent on the cash flow generated by a relatively small, single gaming facility that emerged from Chapter 11 bankruptcy in September 2004 and that the current owners have limited casino operating experience.

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