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Credit Opinion: Trump Entertainment Resorts Holdings, L.P
Rating Action: Moody's withdraws Trump Entertainment Resorts' ratings
Global Credit Research - 17 Feb 2009
$1.25 billion of rated debt affected.
New York, February 17, 2009 -- Moody's Investors Service has withdrawn the ratings of Trump Entertainment Resorts Holdings, LP (Trump) because the issuer has filed for bankruptcy. Please refer to Moody's Withdrawal Policy on moodys.com.
The following Trump ratings were withdrawn:
Probability of Default Rating of D
Corporate Family Rating of Ca
$1.25 billion senior secured second lien notes due 2015 of Ca (LGD 4, 64%)
SGL-4 Speculative Grade Liquidity rating
Moody's previous rating action related to Trump occurred on February 12, 2009 when Moody's commented that the February 11, 2009 forbearance extension did not affect the company's ratings.
The principal methodology used in rating Trump was the Global Gaming rating methodology, which can be found at
www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies sub-directory. Other methodologies and factors that may have been considered in the process of rating Trump can also be found in the Credit Policy & Methodologies directory.
Trump Entertainment Resorts Holdings, LP owns and operates the Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino and the Trump Marina Hotel Casino in Atlantic City, NJ. The company generates approximately $950 million of annual net revenue.
New York
Keith Foley
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Peter H. Abdill, CFA
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653