Moody's continues Jupiters review

Moody's Investors Service continued its rating review of Jupiters Ltd., including the company's $135 million senior unsecured notes due 2006, which are rated Ba2.

The company was put on review for possible upgrade on March 5.

The merger of Jupiters with TABCORP Holdings Ltd. was effected on Oct. 31. The review is being continued, however, given TABCORP's Nov. 5 announcement that it has proposed an A$2.3 billion merger with TAB Ltd., for a combination of cash and script. The merger, if completed, could materially alter TABCORP's financial and operational risk profile. The continuing review will focus on this aspect and the impact it may have on Jupiters' credit profile.

Jupiters Ltd., with headquarters in Broadbeach, Queensland, Australia, owns casinos/hotels in Brisbane, Gold Coast and Townsville, Keno exclusively in Queensland and in New South Wales, and interests in the development of gaming technology.

TABCORP Holdings Ltd., with headquarters in Melbourne, Australia, is the largest gambling company in that country, with core operations in casinos, wagering, and gaming.

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