S&P affirms Seminole Tribe, rates bond BBB

Standard & Poor's said it affirmed its ratings on Seminole Tribe of Florida, including the BBB issuer credit rating.

The outlook is stable.

At the same time, S&P said it assigned its BBB rating to the Tribe's proposed $105 million special obligation bond offering due 2020.

Proceeds from the proposed bond will be used for general government and business purposes, including capital use by the Tribe's gaming operations, the agency said, noting that the ratings affirmation reflects its expectation for continued strong and stable financial performance in the Tribe's gaming division over the long term, despite some current pressures from a weakening economy and additional competition in the Florida market.

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