/PRNewswire/ Mohegan Tribal Gaming Authority ("MTGA," "Mohegan," "we," or "our" ) today announced operating results for its third fiscal quarter ended June.
/PRNewswire/ Mohegan Tribal Gaming Authority ("Mohegan" or the "Company," formerly d/b/a Mohegan Gaming & Entertainment) announced that on May 31, 2022, it.
The Mohegan Tribal Gaming Authority has had its corporate family rating for debt raised to ‘Caa1’ with a ‘stable’ outlook, from ‘Caa2’, by Moody’s Investors Service Inc. The Mohegan Tribal Gaming Authority controls United States-based tribal casino operator Mohegan Gaming and Entertainment, a group with investment in Asia.
The ratings institution also improved the authority’s ‘probability of default’ rating to ‘Caa1-PD’ from ‘Caa2-PD’.
According to Moody’s, obligations rated ‘Caa’ are “judged to be speculative of poor standing and are subject to very high credit risk”.
Moody’s states that corporate family ratings classified as ‘Caa-PD’, are “judged to be speculative of poor standing subject to very high default risk, and may be in default on some but not all of their long-term debt obligations”.
Chatham Asset Management Sends Letter to Mohegan Tribal Gaming Authority
Chatham Will Not Provide Covenant Relief Absent Meaningful Principal Reduction of the 2024 Notes
News provided by
Share this article
Share this article
CHATHAM, N.J., Jan. 28, 2021 /PRNewswire/ Chatham Asset Management, LLC ( Chatham ), a private investment firm which manages funds that hold a substantial majority of the outstanding principal amount of the Mohegan Tribal Gaming Authority s (the Company ) 7.875% Senior Notes due 2024 (the 2024 Notes ), today sent a letter to Mario C. Kontomerkos, Chief Executive Officer of the Mohegan Tribal Gaming Authority (the Company ), regarding recent attempts by the Company to amend the negative covenant protections afforded to holders of the 2024 Notes.