22.11.2013 20:17:00

Mohegan Tribal Gaming Authority -- Moody's raises Mohegan Tribal's CFR to B3; outlook stable

New York, November 22, 2013 -- Moody's Investors Service today raised Mohegan Tribal Gaming Authority's Corporate Family Rating to B3 from Caa1 following the closing of a $955 million bank loan refinancing that puts the company in a better position to compete within Connecticut as well as with casino facilities in neighboring states. The bank loan refinancing follows the August completion of a $500 million senior unsecured notes issue due 2021, proceeds of which were used to refinance the company's relatively high cost third lien notes. This rating action completes the review process that was initiated on October 17. The rating outlook is stable.

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