Fitch shifts Seminole view to stable

Fitch Ratings said it changed the outlooks to stable from negative and affirmed Seminole Tribe of Florida's long-term issuer default rating at BBB, and Seminole Hard Rock Entertainment, Inc.'s and Seminole Hard Rock International, LLC's (collectively, SHRE) long-term IDRs at BBB-.

In addition, Fitch ffirmed the tribe’s gaming division's senior secured debt at BBB and SHRE's senior secured debt at BBB-.

“The outlook revision to stable reflects Fitch's confidence in STOF's consolidated leverage declining to levels consistent with BBB by fiscal year-end 2021. This is supported by U.S. regional gaming's stronger recovery through the coronavirus pandemic relative to other heavily affected leisure and entertainment sectors. The revision also considers the recent expansions in Tampa and Hollywood, which supports growth above pre-pandemic levels,” Fitch said in a press release.

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