The Little Traverse Bay Bands of Odawa Indians of Michigan has seen its credit rating downgraded twice in a week.
The tribe failed to make an interest payment to holders of $122 million in bonds issued to support the construction of the Odawa Casino Resort. The move caused Standard & Poor’s to lower the tribe's rating from ‘CCC’ to ‘CC’ with a negative outlook and again to a 'D.'
“Clearly, if the economy were in better shape, we would be happier,” Chairman Frank Ettawageshik The Petoskey News-Review. “But, we understand that this is part of the process.”
In October 2008, the tribe's credit rating was 'B-’ with a negative outlook.
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Tribe's credit rating reduced twice in one week
(The Petoskey News-Review 8/18)
Regulation
Little Traverse Bay Bands credit rating down
Wednesday, August 19, 2009
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