S&P boosts Seminole Tribe, gives bond BBB

Standard & Poor's said it raised its ratings on the Seminole Tribe of Florida, including the issuer credit rating, which was raised to BBB from BBB-.

The outlook is stable.

At the same time, S&P said it assigned its BBB rating to the Tribe's proposed $450 million special obligation bond offering, which will comprise $240 million of series A tax-exempt notes due 2027 and $210 million of series B taxable notes due 2020.

The agency noted that the rating upgrade reflects its expectation for continued strong and stable financial performance in the Tribe's gaming business, the Tribe's settlement of its lawsuit with Power Plant Entertainment and continuing progress made in addressing governance-related issues.

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