Moody's affirms Little Traverse Bay

Moody's Investors Service said it affirmed the B2 corporate family rating, B1 probability of default rating and B2 senior unsecured notes rating of Little Traverse Bay Bands of Odawa Indians, but changed the rating outlook to negative from stable.

The agency said that the change in outlook reflects the weaker than anticipated operating performance of Odawa Casino Resort, Little Traverse Bay's new gaming facility.

The ramp-up of the Odawa casino has been below expectations, Moody's said, adding that so far, the additional gaming square footage, slot machines and table games have not generated the anticipated level of revenues as compared to the former Victories casino, while the costs associated with the new casino have been significantly higher.

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