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S&P gives Seminole Tribe loans BBB rating
S&P said it assigned BBB ratings to new loans the Seminole Tribe of Florida is entering.
The Seminole Tribe is entering a $500 million revolver, a $692 million term loan and plans to raise $300 million in incremental term loans.
S&P sees the proceeds being used to refinance debt, finish expansion projects at Seminole Gaming and to help finance the acquisition and development spending at Seminole Hard Rock component unit.
The agency also affirmed all ratings including the BBB issuer credit rating and the BBB issue-level rating on the term loan B.
The outlook is stable.
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