Moody's anticipates default for Ilitch affiliate; adds it to "Bottom Rung"

Moody's Investor Services has launched a quarterly report that currently lists nearly 300 companies in the U.S. most likely to fall into default. The list, known as the "Bottom Rung," includes Ilitch-owned CCM Merger, Inc.

Moody's analysts anticipate that 45% of the companies on the list will go into default within the next year.

The "Bottom Rung" represents about 15% of the companies the respected credit ratings agency tracks.

CCM Merger, Inc. has been described as a subsidiary of Ilitch Holdings, Inc. It is the parent company of Detroit's MotorCity Casino which is owned solely by Mrs. Marian Ilitch.

Ilitch bought controlling interest in MotorCity Casino from MGM Mirage in 2005. It's reported that she owes investors more than $1 billion.

In February investors demanded that Ilitch inject $45 million cash into the struggling gaming and entertainment enterprise.

Other affiliates of Ilitch Holdings include the Detroit Tigers, Detroit Red Wings, Little Caesar Enterprises and Olympia Entertainment.