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”.