Moody's lowers Inn of the Mountain Gods to Ca/LD

Moody's Investors Service said it lowered Inn of the Mountain Gods Resort and Casino's probability-of-default rating to Ca/LD from Ca and affirmed its Ca corporate family rating and Ca (LGD4, 67%) senior unsecured notes.

The Ca/LD probability-of-default rating recognizes a payment default under the $200 million 12% senior unsecured notes due November 2010, the agency said. The company reported in its 10-K report that it failed to make its May 15 interest payment by the end of the 30-day grace period.

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