Fitch ups Quechan bonds, rates bonds B

Fitch Ratings said it assigned a B/RR3 rating to Quechan Indian Tribe's roughly $30 million in outstanding tribal economic development bonds (TED bonds) due 2025.

In addition, Fitch upgraded the tribe's gaming enterprise revenue bonds to B/RR3 from B-/RR2 and the tribe's governmental project bonds (general obligation bonds) to B-/RR4 from CCC/RR4.

Fitch also upgraded Quechan's issuer default rating to B- from CCC.

The outlook was revised to stable from positive.

Fitch said the upgrade of Quechan's bonds and issuer default rating reflects the tribe's strengthened financial flexibility as a result of more prudent fiscal management, improved casino operations, and a reduction in interest costs achieved through a series of refinancings and paydown of debt.

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