New York, November 03, 2014 -- Moody's Investors Service today revised the rating outlook of Great Wolf Resorts Holdings, Inc.("Great Wolf") to stable from positive. The B3 Corporate Family Rating and B3-PD Probability of Default Rating were affirmed. Moody's also assigned a Caa2 rating to Great Wolf's proposed $120 million second lien senior secured term loan. In addition, Moody's upgraded the first lien senior secured term loan to B2 from B3.

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