S&P upgrades Snoqualmie

Standard & Poor's said it raised the issuer credit rating for Snoqualmie Entertainment Authority to B- from CCC and its senior debt to B- from CCC, and removed the ratings from CreditWatch, where they were placed with positive implications Oct. 29.

"The upgrade reflects our belief that the Authority has sufficient covenant headroom in the intermediate term due to the recently negotiated amendment with its furniture, fixtures, and equipment lenders," S&P analyst Michael Halchak said in a statement.

The B- issuer credit rating reflects the Authority's narrow business position as an operator of a single casino property, high debt leverage, limited operating history and uncertainty around the tribe's financial policy and potential expansion opportunities, the agency said.

These factors are only somewhat tempered by substantially improved operating performance in recent quarters, the agency noted.

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