Moody's cuts Little Traverse Bay

Moody's Investors Service said it lowered Little Traverse Bay Bands of Odawa Indians' corporate family rating to Caa1 from B2, probability-of-default rating to B3 from B1 and 10¼% senior unsecured notes due 2014 to Caa1 (LGD4, 66%) from B2.

The outlook remains negative.

According to Moody's, the actions consider significant economic challenges affecting the group's operating performance and financial profile, which are exacerbated by relatively weak fundamentals of its primary market.

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