Press Release: Moody's rating on Mohegan Tribal Gaming Authority notes

Moody's Investors Service today assigned a Caa1 rating to Mohegan Tribal Gaming Authority's ("MTGA") proposed $425 million senior unsecured notes due 2021. MTGA's existing ratings were affirmed, including the company's Caa1 Corporate Family Rating and Caa1-PD Probability of Default Rating. The rating outlook is stable.

Proceeds from the proposed offering will be used to refinance MTGA's $417.7 million 10.5% 3rd lien notes due 2016 (not-rated). The Caa1 rating on the proposed notes, the same as MTGA's Corporate Family Rating, considers the significant amount of debt, both ahead and below of the proposed notes.