S&P: Seminole Tribe on watch

Standard & Poor's said it placed its ratings on Seminole Tribe of Florida, including its BBB- issuer credit and senior unsecured ratings, on CreditWatch with negative implications.

The agency said that the CreditWatch listing follows the Tribe's announcement that it filed a declaratory judgment action relating to its contract with Power Plant Entertainment LLC in the Broward Circuit Court.

The lawsuit seeks a legal determination that the contract between the Tribe and Power Plant is invalid, based on the sole proprietary interest rule mandated by the Indian Gaming Regulatory Act, S&P said.

If the contract is determined by the court to be invalid, the Tribe seeks the return of all advisory fees that have been paid since the inception of the contract, the agency added.

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