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S&P rates Mashantucket tribe loan CCC+
Standard & Poor's said it assigned a preliminary issuer credit rating of CCC+ to Mashantucket (Western) Pequot Tribe.
The outlook is stable.
S&P also said it assigned a preliminary CCC+ rating to the tribe's proposed $297 million term loan A due 2018, $260 million term loan B due 2020 and $30 million term loan C due 2015.
The proposed issuance is part of the tribe's comprehensive debt-refinancing transactions.
The tribe also is in the process of executing exchange offers for their other classes of debt, the agency said.
The ratings reflect the tribe's vulnerable business risk profile due to its reliance on a single-property for cash flow, S&P said, and highly leveraged financial risk profile due to an adjusted debt-to-EBITDA ratio expected to remain more than 9x through 2014.
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