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S&P drops Little Traverse Bay
Standard & Poor's said it lowered its issuer credit and senior unsecured debt ratings on the Little Traverse Bay Band of Odawa Indians to D from CC.
"The rating downgrade stems from its understanding, as indicated per the indenture trustee, that the Tribe did not make the $6.3 million interest payment on its $122 million senior notes, due Aug. 17, 2009," said S&P credit analyst Ariel Silverberg.
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