Research Update: Mohegan Tribal Gaming Authority Rating Lowered To 'CC' From 'CCC'; Still On CreditWatch Negative Jan 12
- Language: English
- Published: January 2012
Mohegan Tribal Gaming Authority (MTGA) announced a comprehensive refinancing plan, including a series of exchange offers related to all its outstanding notes, as well as a plan to amend and extend its bank credit facility and issue new first-lien debt. We view the exchange offer as tantamount to default because we believe the offers will result in debtholders receiving less value than the promise of the original securities. We lowered our issuer credit rating on MTGA to 'CC', as well as various issue-level ratings on the company's debt issues, in accordance with our exchange offer criteria. The CreditWatch listing reflects our expectation that we will lower the issuer credit rating to 'SD' upon the close of the proposed exchange offer,...
Companies mentioned in this report are: Mohegan Tribal Gaming Authority,Mohegan Tribe of Indians
Action: On CreditWatch:Negative
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Research type: News
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Mohegan Tribal Gaming Authority,Mohegan Tribe of Indians