Credit ratings lowered for Dry Creek Rancheria gaming debt

Thursday, November 10, 2011  

The Dry Creek Rancheria Band of Pomo Indians of California has reached a deal restructure $200 million in gaming debt but that hasn't stopped its credit ratings from being lowered.

Moody’s Investors Service and Standard & Poor’s lowered the tribe's ratings after the announcement, The Santa Rosa Press-Democrat reported. Both agencies expect steady revenues at River Rock Casino, the paper said, but they believe investors won't get as much out of the deal once the restructuring is complete.

The $200 million debt was due November 1. The tribe's investors agreed not to pursue default against the casino.

Get the Story:
River Rock asks creditors to extend loan (The Santa Rosa Press-Democrat 11/10)

Related Stories:
Dry Creek Rancheria reaches deal for $200M in casino debt (11/3)
Opinion: Dry Creek Rancheria faces gaming debt deadline (11/1)
Dry Creek Rancheria in rush to pay off $200M casino debt (10/21)