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Moody's lowers Trump Entertainment
Moody's Investors Service said it lowered the ratings of Trump Entertainment Resort Holdings, LP in response to the New Jersey Casino Control Commission's recent announcement that Sept. 2008 casino revenues for the Taj Mahal, Trump Plaza, and Trump Marina declined 10%, 22.7%, and 24.7%, respectively.
This compares to an overall monthly decline in Atlantic City casino revenues of 15.1%, the largest monthly decline in that market's history, the agency added.
The outlook is negative.
Moody's said that the following ratings were lowered: probability of default rating to Caa2 from Caa1, corporate family rating to Caa1 from B3, $1.25 billion senior secured notes due 2015 to Caa2 (LGD4, 53%) from Caa1 (LGD4, 53%) and speculative-grade liquidity rating to SGL-4 from SGL-3.
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