2nd agency downgrades Twin River's credit rating

PROVIDENCE, R.I. (AP) - A major credit rating agency cited a "high probability" that the owners of the Twin River greyhound track and slot parlor will seek bankruptcy protection in downgrading the company.

Moody's Investors Service on Monday downgraded Twin River's credit rating just a few days after Standard & Poor's did the same, noting the company had missed a Sept. 2 interest payment on $145 million in loans to its second-lien lenders.

Twin River is owned and operated by UTGR, a subsidiary of a holding company comprising Kerzner International Ltd., Starwood Capital Group and Waterford Group LLC.

The owners have not disclosed how much remains on their loans, but Moody's says the downgrade affects $565 million in debt.

The state was expecting $254 million tax revenue from Twin River this year.

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