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Moody's looks to upgrade Mohegan Sun on debt terms

Associated Press

Publication: theday.com

Published October 18. 2013 8:00AM   Updated October 18. 2013 8:01AM

Uncasville (AP) — Ratings agency Moody's Investors Service says it expects to upgrade the Mohegan Sun Gaming Authority after the tribal operator of casinos in Connecticut and Pennsylvania announced a new debt refinancing plan.

The tribal authority announced on Thursday it's refinancing $715 million in debt. In response, Moody's placed the casino operator "on review for upgrade."

Moody's said the refinancing makes the tribal authority more competitive in Connecticut and with casinos in neighboring states. The authority operates casinos in Uncasville and Wilkes-Barre, Pa.

The ratings agency said the refinancing also improves the timing of when debts come due. Moody's said no material debt maturities are due until 2018, helping reduce debt.

Several Indian-run casinos have worked to refinance debt after being caught short at the start of the recession in December 2007.

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