S&P rates Seminole Tribe bonds BBB-

Standard & Poor's said it lowered the issuer credit rating on the Seminole Tribe of Florida to BBB- from BBB and removed its ratings from CreditWatch, where they were placed with negative implications on June 30.

The agency assigned a BBB- rating to the tribe's two proposed gaming division bonds totaling $367.4 million, both due 2017.

The outlook is stable.

Proceeds will be used to fund expansion and renovation projects at several existing casinos.

"The downgrade reflects several recent governance issues, which have led us to conclude that internal controls at the Tribal level remain somewhat weak, particularly for an investment-grade issuer," S&P analyst Ben Bubeck said in a statement.

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