Moody’s Investors Service has downgraded the credit rating for the Seneca Nation gaming corporation.
The debt rating for Seneca Gaming Corporation fell a notch, from B2 to B1. Moody's cited an ongoing dispute with the state over the Class III gaming compact. "Moody’s views the recent announcement by the nation to seek expedited arbitration to resolve the issue after more than one year of unsuccessful negotiations with the state as a major setback,” the agency said, The Buffalo News reported. The tribe has withheld $333 million, accusing the state of violating the exclusivity provisions of the compact by allowing non-Indian gaming. Get the Story: