Moody's rates Seminole loan Ba1, notes B2

Moody's Investors Service said it raised Seminole Hard Rock Entertainment, Inc.'s corporate family rating to B1 from B2.

The probability of default rating was also raised, to B1-PD from B2-PD, along with the rating on its existing $525 million senior secured floating-rate notes due 2014, to B1 from B2.

At the same time, Moody's assigned a Ba1 rating to Seminole's proposed $240 million term loan B due 2020 and a B2 rating to its proposed $350 million senior unsecured notes due 2021.

Moody's said the B2 rating on the proposed $350 million senior unsecured notes due 2021 reflects the fact that it will account for a majority of Seminole's pro forma debt capitalization.

The Ba1 rating on the proposed $240 million term loan B considers the credit support it receives from the $350 million of senior unsecured notes below it in the pro forma capital structure, the agency said.

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