Moody's puts Station on uncertain review

Moody's Investors Service said it downgraded Station Casinos, Inc.'s probability-of-default rating to Ca from Caa2 following plans to start a private debt exchange offer. Ratings are on review, direction uncertain.

The downgrade reflects plans to offer new 10% senior secured term loans and new 10% junior secured term loans for senior unsecured and senior subordinated notes, according to the agency.

The exchange will result in a swap of junior debt at a discount for new secured term loans, the agency noted.

Moody's said it views the exchange as distressed.

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