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Announcement:

Moody's reviews River Rock's ratings for possible downgrade

Global Credit Research - 18 Oct 2010

Approximately $200 million rated debt securities affected

New York, October 18, 2010 -- Moody's Investors Service today placed all ratings of River Rock Entertainment Authority's ("River Rock" or "The Authority") on review for possible downgrade, acknowledging the approaching $200 million senior note debt maturity in November 2011.

Ratings placed under review for possible downgrade:

(LGD assessments are subject to change.)

Corporate Family Rating -- B2

Probability of Default Rating -- B2

$200 million senior notes due November 2011 -- B2 (LGD4, 50%)

In Moody's opinion, although River Rock's liquidity is expected to remain adequate to finance operations over the next few quarters, it does not have sufficient internal sources of cash to finance the bond maturity. In addition, the refinancing risk, in our opinion, could be challenging due to the still relatively unstable financing markets for Native American issuers and their lack of alternative funding sources other than the debt market. Ratings could be negatively impacted if The Authority is unable to secure refinancing commitments by at least January of 2011.

The review will also focus on potential new competition in River Rock's core gaming market, which in turn could impair River Rock's gaming operation if a new casino is opened in the future. Reportedly, in October 2010, the Federated Indians of the Graton Rancheria's property was taken into trust by federal authorities, marking a step further in the tribe's effort to eventually open a large casino which will be located only 20 miles away from River Rock's existing gaming facility.

Moody's last rating action occurred on September 16, 2008 when the rating outlook was changed to negative from stable.

The principal methodology used in rating River Rock was Moody's Global Gaming Industry rating methodology published in December 2009 and available on www.moodys.com in the Rating Methodologies sub-directory under Research and Rating tab. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found in the Rating Methodologies subdirectory on Moody's website.

River Rock is an unincorporated governmental instrumentality of the Dry Creek Rancheria Band of Pomo Indians, a federally recognized Indian tribe with 947 enrolled members and an approximately 75-acre reservation in Sonoma County, California. River Rock was formed in 2003 to own and operate the River Rock Casino, which reported approximately $127 million in net revenues for the last twelve-month period ended June 30, 2010.

New York
Zhenyu Zhao
Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Kendra M. Smith
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.

Moody's reviews River Rock's ratings for possible downgrade
No Related Data.
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