S&P lowers Little Traverse Bay Bands

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

The outlook is negative.

The downgrade stems from S&P's concerns around the tribe's near-term liquidity position following continued weak operating performance and the agency's expectation that operating performance will not improve meaningfully in the near term to build sufficient cushion in the tribe's liquidity profile.

The CCC rating reflects near-term liquidity concerns surrounding the tribe, its lack of diversity in its operations and a weak economic environment, the agency said.

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