Moody's drops Snoqualmie

Moody's Investors Service said it lowered Snoqualmie Entertainment Authority's corporate family rating and probability of default rating to Caa3 from Caa1 to reflect its opinion of heightened near-term default probability.

The ratings of its senior notes were downgraded to Caa3 from Caa1 in the same action, the agency said.

The outlook is negative.

The downgrades and negative outlook reflect the much weaker than expected ramp-up for Snoqualmie casino and Moody's expectation that the company's operating results would likely remain weak.

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