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S&P drops Mount Airy to distressed
Standard & Poor's said it lowered Mount Airy #1 LLC's corporate credit rating to CCC from B. The ratings remain on CreditWatch with negative implications.
The downgrade and watch reflect ongoing issues surrounding the suspension of principal owner Louis DeNaples' gaming license following the Jan. 30 findings of the Dauphin County, Pa. grand jury, which charged Mr. DeNaples with four counts of perjury, according to the agency.
These issues have led to technical defaults under Mount Airy's credit agreement, and it is currently unclear how management will resolve these issues with its lenders, S&P said.
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