Moody's: Gala notes B2, Caa2

Moody's Investors Service said it assigned a definitive B2 rating to the £350 million of senior secured notes due 2018 issued by Gala Group Finance Ltd and a definitive Caa2 rating to the £275 million of senior notes due 2019 issued by Gala Electric Casinos Ltd, following receipt of final documentation.

Despite the increased percentage of secured debt in the capital structure, Moody's definitive ratings on these debt obligations are in line with the provisional ratings assigned on May 16.

The final terms of the bonds are in line with the drafts reviewed for the provisional B2 and Caa2 instrument ratings assignment, the agency noted.

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