Moody's lowers Indianapolis Downs

Moody's Investors Service said it downgraded Indianapolis Downs, LLC's corporate family rating and probability of default rating to Caa1 from B3.

Moody's said it also downgraded the company's senior secured second-lien notes to Caa1 and its third lien notes to Caa3.

The ratings remain on review for further possible downgrade.

According to the agency, the downgrade reflects the need for Indianapolis Downs to secure additional sources of funds to enable it to meet its debt service obligations over the next 12 months given that earnings are likely to ramp-up more slowly than anticipated in light of declining gaming demand.

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