Moody's cuts River Rock

Moody's Investors Service lowered River Rock Entertainment Authority's probability of default rating to D from Caa2 and its corporate family rating to Ca from Caa2.

The outlook is stable.

Concurrently, Moody's said it also withdrew the B3 ratings on the proposed $110 million of senior secured series A notes and $95 million of senior secured series B notes.

Moody's said the action was prompted by the authority's inability to complete the proposed refinancing transaction on time, resulting in non-payment of the principal amount due on its existing debt of $200 million senior secured notes on their maturity date of Nov. 1, 2011, which Moody's said it views as a default.

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