Fitch ups Seminole Tribe to BBB

Fitch Ratings said it upgraded Seminole Tribe of Florida's issuer default rating to BBB from BBB- and affirmed the gaming division's parity debt at BBB and the tribe's special obligation bonds at BBB-.

The outlook is stable.

Fitch said the upgrade reflects the diminishing uncertainty over the tribe's ability to continue offering table games and established track record of adherence to prudent financial policies.

The agency’s increased confidence the tribe will maintain leverage below 2 times (including tribal debt) through its planned development pipeline are also reflected in the issuer default rating upgrade to BBB. The issuer default rating also incorporates the Seminole Tribe’s gaming division's strong operating and financial profile, Fitch added.

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