Indian Gaming > Moody's downgrades Mohegan, Mashantucket debt

November 19, 2008

Moody's downgrades Mohegan, Mashantucket debt

Moody's Investors Service has downgraded the credit ratings of the debt held by two Connecticut tribal casinos.

The Mohegan Tribal Gaming Authority's corporate family rating and the rating on over $1 billion in debt were both downgraded. Another $1 billion in debt held by the Mashantucket Pequot Tribal Nation was also downgraded.

Both tribes have seen a drop in slot machine revenues in the past year. Both embarked on high-profile, expensive casino expansion projects.

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Moody's downgrades Native American casino debt (AP 11/19)