TheMashantucket Pequot Tribal Nation of Connecticut promised to conduct "business as usual" after word spread of its desire to restructure at least $1.45 billion in debt.

Most of the debt incurred from expansion of Foxwoods Resort Casino. The tribe added amenities and gaming space to the facility and opened an entirely new casino, MGM Grand at Foxwoods, last May amid the slump in the national economy.

With gaming revenues on the decline, the tribe has hired an investment firm and a law firm to negotiate with lenders. The tribe said it remains current on its debt and will meet upcoming payments.

"We have sufficient resources to continue to operate our businesses as normal, and it will be business as usual," the tribe said in a statement, The New York Times reported.

But news of the tribe's "dire" financial condition -- as put by Chairman Michael Thomas in a letter to members -- prompted Standard & Poor's to downgrade the tribe's credit rating to CCC from B+ and to put the tribe on a "credit watch."

In the letter, Thomas vowed not to cut jobs in tribal government or reduce "incentive" payments.

Get the Story:
Mashantuckets' credit rating lowered (The New London Day 8/27)
State expects slots payments from tribe to continue (The New London Day 8/27)
Financial Report Hurts Foxwoods Tribe's Credit (The Hartford Courant 8/27)
Foxwoods Owner Wants to Restructure Its Debt (The New York Times 8/27)
Foxwoods Casino Owner Mashantucket Tribe Seeks Debt Restructure (Bloomberg News 8/26)

Earlier Story:
Mashantucket Tribe in 'dire' financial condition (8/26)