Moody's upgrades Snoqualmie

Moody's Investors Service said it raised Snoqualmie Entertainment Authority's corporate family rating and its senior secured bond ratings to B3 from Caa1.

Moody's also revised the probability of default rating to B2 from Caa1.

The outlook is stable.

Moody's said the upgrade reflects Snoqualmie's improved credit metrics as a result of better operating performance and Moody's expectation that stabilized market conditions should help Snoqualmie sustain its credit metrics at current levels.

"The rating upgrade also acknowledges the Authority's relatively conservative financial policy with respect to tribal distributions - the latest example being the repayment of the casino's FF&E loan facility in advance of its maturity rather than making a large distribution as permitted by the bond indenture," Moody's analyst John Zhao said in a news release.

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