Moody's may downgrade Centaur

Moody's Investors Service said it placed Centaur LLC's B3 corporate family and probability-of-default ratings, B1 senior secured first-lien credit facilities and Caa1 second secured second-lien term loan under review for possible downgrade.

Centaur did not meet the bank loan covenant that requires the company to satisfy the Pennsylvania gaming license eligibility requirements by July 15. As a result, Centaur is in technical default of its bank agreement although the lenders have not taken any formal action at this point and the project itself is reportedly on time and on budget, the agency said.

During its review period, Moody's will assess the lenders' willingness to provide an amendment, the terms and conditions of the potential amendment and its financial implications for the company.

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