S&P lowers Pequot Tribe

Standard & Poor’s said it lowered its ratings, including its issuer credit rating, on Mashantucket (Western) Pequot Tribe to CCC- from CCC+.

The outlook is negative.

The downgrade reflects meaningful underperformance relative to S&P’s previous forecast because of ongoing operating challenges, which has led to a breach of financial covenants under Mashantucket’s senior credit facility, S&P said in a news release.

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