Moody's: Seminole Tribe view positive

Moody's Investors Service said it revised the Seminole Tribe of Florida's outlook to positive from stable.

The Ba1 corporate family rating, Ba1-PD probability of default rating, Ba1 gaming division bonds and Ba2 special obligation bonds remain unchanged.

Moody's said the outlook revision considers its view that the Tribe has sustained the improvements it made with respect to corporate governance and internal control practices, a previous concern that constrained the ratings.

The positive outlook also reflects the expectation that the Tribe will maintain its substantial market position and competitive advantage in Florida, and that its gaming division will continue to exhibit strong financial metrics as it has done for the past several years. Debt/EBITDA for the fiscal year ended Sept. 30 was about 2 times and EBIT/interest was close to 14 times.

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