Credit ratings lowered for Dry Creek Rancheria gaming debt

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)

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