Moody's rates Indianapolis Downs DIP loan Ba2

Moody's Investors Service said it assigned a Ba2 rating to the $103 million super-priority senior secured new money term loan of Indianapolis Downs, LLC as debtor-in-possession.

The DIP facility matures on the earlier of April 7, 2012 or the effective date of a plan of reorganization, Moody's said.

The rating reflects the size of the aggregate DIP facility versus an estimated recovery value under either a going concern or liquidation scenario, the agency said.

Other key considerations include the structural features of the DIP facility, the nature of the bankruptcy and reorganization and the DIP size as a percentage of pre-petition debt, Moody's said.

The agency said it withdrew all previous ratings for Indianapolis Downs in April 2011 following its bankruptcy filing.

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