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Fitch rates Seminole Hard Rock loan BBB-
Fitch Ratings said it assigned a first-time BBB- issuer default rating to Seminole Hard Rock Entertainment, Inc. and Seminole Hard Rock International, LLC.
Fitch also said it assigned a BBB- rating to Seminole Hard Rock's senior secured $650 million term loan A.
The outlook is stable.
Fitch also said it affirmed Seminole Tribe of Florida's issuer default rating at BBB and affirmed its senior secured credit facility at BBB.
The ratings reflect the group's exposure to the competitive restaurant industry, the agency said, and a less favorable mix of gaming assets.
The group may undertake significant growth initiatives, some of which could be funded with capital raised at the gaming division, Fitch added.
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