Moody's lowers Riviera

Moody's Investors Service said it downgraded Riviera Holdings Corp.'s corporate family and probability of default ratings to Caa2 from Caa1.

The agency said it also lowered the company's series A term loan and revolver to Caa1 from B3.

The series B term loan was confirmed at Caa3 and the SGL-3 speculative grade liquidity rating remains unchanged. The outlook is negative.

The agency said the downgrade of Riviera's corporate family rating to Caa2 reflects heightened concern on Moody's part regarding Rivera's ability to achieve profitability over the next few years given that Riviera Las Vegas, the company's only asset, generated negative EBITDA in the first quarter of 2012.

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