Moody's affirms San Pasqual

Moody's Investors Service said it affirmed the B2 corporate family rating and B1 probability-of-default rating of the San Pasqual Development Group, Inc. and the B2 rating assigned to its $180 million senior notes due 2013.

The outlook remains stable.

The agency said the affirmation is based on its expectation that the company's financial condition will remain commensurate with a B2 rating during the construction phase of its planned hotel, which is expected to be completed by the end of 2009. Moody's expects that in the context of the hotel project, leverage will increase but remain below 5 times, and internal cash is expected to complement a new debt financing to fund the hotel development while EBITDA should benefit from the recently completed casino extension.

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