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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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