Moody's affirms, cuts Little Traverse Bay

Moody's Investors Service today lowered Little Traverse Bay Band of Odawa Indians' ("LTBB") probability of default rating to Ca/LD from Ca.

The corporate family and the senior unsecured notes ratings were affirmed at Ca (LGD4, 66%).

The Ca/LD probability-of-default rating recognizes a payment default under the $122 million 10¼% senior unsecured notes 2014, Moody's said.

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