S&P cuts Little Traverse Bay

Standard & Poor's said it lowered the corporate credit and senior unsecured debt ratings on Little Traverse Bay Bands of Odawa Indians to B- from B.

The outlook is negative.

S&P said the downgrade reflects continued weak operating performance over the past few quarters.

The B- rating reflects the lack of diversity in the Tribe's gaming operations, challenges in attracting customers from beyond its primary gaming market, a weak economic environment, a highly leveraged financial profile and concerns about the tribe's liquidity, according to the agency.

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