Seminoles ratings cut
14 Dec 2006
FLORIDA – As reported by the Miami Herald: "Fitch Ratings has slashed the rating on the Seminole Tribe of Florida's $686 million in outstanding bonds, citing concern over the tribe's $965 million purchase of Hard Rock International.
"The agency, which lowered the tribe from an A- to a BBB, also said it has placed the Seminoles on 'rating watch negative' until it evaluates the acquisition's impact on bondholders. The Hard Rock deal indicates 'a more aggressive growth strategy and willingness to incur additional debt at the expense of existing bondholders,' the agency said in a statement…"