Little Traverse Bay Bands rating downgraded

Friday, November 7, 2008  

The Little Traverse Bay Bands of Odawa Indians of Michigan is not in danger of defaulting on its loans, Chairman Frank Ettawageshik said.

Ettawageshik acknowledged the tough economic climate is affecting the tribe's gaming business. But he said the downgrade of the tribe's rating by Standard & Poors doesn't worry him.

“We are not in danger of default. No. There are considerably worse ratings than the rating we have,” Ettawageshik told The Petoskey News-Review.

The tribe has $120 million in debt and recently announced layoffs at the Odawa Casino Resort..

Get the Story:
Business Week lists tribe as vulnerable to default (The Petoskey News-Review 11/7)