S&P rates Mohegan Tribal, bonds B-

Standard & Poor's said it assigned its B- issuer credit rating to Mohegan Tribal Finance Authority.

The rating outlook is stable.

At the same time, the agency assigned its B- issue-level rating to Mohegan Tribal Finance’s proposed $102.1 million (aggregate principal amount) tribal economic development bonds due 2045.

Concurrently, the Mohegan Tribe of Indians of Connecticut plans to offer $20.7 million priority distribution bonds for sale. It will contribute the net proceeds from this bond issuance to Mohegan Tribal Finance for the hotel construction project and to fund an additional six months of interest, in the event the tribal economic development bonds proceeds are inadequate to cover debt service due to delayed or extended construction.

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