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Moody's cuts Trump Atlantic city notes to Caa2
Moody's Investors Service said it lowered the ratings of Trump Atlantic City Assoc. and confirmed the ratings of Trump Casino Holdings LLC following Trump Hotels & Casino Resorts Inc.'s announcement that it filed for voluntary Chapter 11 reorganization.
Moody's cuts Trump Atlantic City's senior implied rating, $1.2 billion, $75 million and $25 million 11¼% first-mortgage notes due 2006 to Caa2 from Caa1 and senior unsecured issuer rating to Ca from Caa3.
Moody's said the downgrade reflects its recapitalization plan and anticipated Chapter 11 bankruptcy filing that will likely result in recovery ranging between 90% and 95% on Trump Atlantic City's first-mortgage notes.
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