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S&P cuts Pequot Tribe to SD
Standard & Poor's said it lowered its issuer credit rating on Mashantucket (Western) Pequot Tribe to SD from CC.
At the same time, the agency affirmed its CCC- issue-level ratings on the Tribe's senior secured credit facilities.
"The downgrade reflects Mashantucket's inability to make full and timely interest payments to its junior debtholders on Sept. 30, 2014 because it received a blocking notice from senior lenders," S&P credit analyst Carissa Schreck said in a news release.
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