Moody's cut Little Traverse

Moody's Investors Service said it lowered Little Traverse Bay Bands of Odawa Indians' corporate family rating to Caa2 from Caa1 and probability of default rating to Caa1 from B3.

The rating of the 10.25% senior unsecured notes due 2014 was also downgraded to Caa2 from Caa1, the agency added.

The outlook remains negative.

According to Moody's, the rating actions consider the continued deterioration in net revenues, the weak financial metrics and the expected erosion of the liquidity profile.

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