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S&P downgrades tribal borrower as it prepares last roll of the dice
Thursday, January 26, 2012
S&P cut its credit rating for Mohegan Tribal Gaming Authority, which slipped closer to default yesterday as it announced a comprehensive refinancing plan.
The authority, which runs the Mohegan Sun complex in Connecticut, saw its corporate credit rating drop from CCC to CC. S&P says that the proposed exchange offers are tantamount to distressed restructuring. The authority has $925 million of debt maturing by April 2012.
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Trading
Structured
CFlux secondary
CLO index levels:
| Index | 14 May |
|
| CFlux USD AAA | ↑ | 96.0 |
| CFlux USD AA | ↑ |
87.7 |
| CFlux USD A | ↑ | 85.1 |
| CFlux USD BBB | ↓ | 77.2 |
| CFlux USD BB | ↑ |
75.9 |
| CFlux USD EQ | ↓ | 76.7 |
