S&P rates Waterford notes BB-

Standard & Poor's said it assigned a BB- rating to the proposed $128.5 million senior unsecured notes due September 2014 to be issued by Waterford Gaming LLC and its wholly owned subsidiary, Waterford Gaming Finance Corp.

The outlook is stable.

The notes will be privately placed, and proceeds will be used primarily to refinance existing debt and to distribute cash to the parent company, Waterford Group.

The agency said Waterford Gaming's BB- corporate credit rating reflects the stable revenue stream it receives from the operations of the successful Mohegan Sun Casino.

Partially offsetting this is Waterford Gaming's high debt level and its reliance on a single property for its cash flow, S&P added.

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