S&P affirms Waterford Gaming

Standard & Poor's said it affirmed its ratings, including the B issuer credit rating, on Waterford Gaming LLC and removed the ratings from CreditWatch with negative implications, where they were placed on Feb. 2.

The outlook is negative.

The affirmation and CreditWatch removal stem from a similar action on June 23 on Mohegan Tribal Gaming Authority. The agency said Waterford relies solely on distributions from the gaming authority, which are linked to certain gross revenues at Mohegan Sun, to service its debt obligations. As a result, its default risk is directly linked to the default risk and issuer rating of Mohegan Tribal Gaming Authority.

The affirmation also reflects the conclusion of S&P's review of the credit quality of Waterford's parent company, Waterford Group, which the agency believes to be in line with the B rating.

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