S&P rates Kalispel loan B+

Standard & Poor's said that it assigned a B+ issuer credit rating to the Kalispel Tribal Economic Authority.

The outlook is stable.

S&P assigned the authority's $210 million senior secured credit facilities a B+ issue-level rating. The facilities consist of a $5 million senior secured revolving credit facility due 2015 and a $205 million senior secured term loan due 2017.

The proceeds from the term loan were used to refinance existing debt and the remaining proceeds will fund additional capital spending.

The B+ issuer rating reflects the authority's reliance on a single property for its cash flow, the potential for significantly increased market competition and historically large tribal distributions relative to EBITDA, the agency said.

The ratings consider the authority's strong position within its market, as its ability to consistently grow revenue and EBITDA during the past decade demonstrates, and its recent expansion, which should continue to propel growth in EBITDA in the near term, the agency added.

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