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MGM Resorts International

Moody's ups credit outlook for Mohegan Sun on improved debt

Moody's Investors Service has raised the credit outlook for the parent company of the Mohegan Sun casino in Connecticut, citing its ability to extend debt repayment until 2019 and putting it in a stronger position to face competition in Massachusetts. The ratings agency on Wednesday raised the Mohegan Tribal Gaming Authority's outlook from negative to stable. By extending about $827 million in debt from 2018 to 2019, the company can continue cutting debt before MGM Resorts International opens an $800 million casino complex in nearby Springfield, Massachusetts, Moody's analyst Keith Foley said. The company will generate enough cash to repay loans before their due date, he...