Little Traverse Bay Bands credit rating down

Wednesday, August 19, 2009  

The Little Traverse Bay Bands of Odawa Indians of Michigan has seen its credit rating downgraded twice in a week.

The tribe failed to make an interest payment to holders of $122 million in bonds issued to support the construction of the Odawa Casino Resort. The move caused Standard & Poor’s to lower the tribe's rating from ‘CCC’ to ‘CC’ with a negative outlook and again to a 'D.'

“Clearly, if the economy were in better shape, we would be happier,” Chairman Frank Ettawageshik The Petoskey News-Review. “But, we understand that this is part of the process.”

In October 2008, the tribe's credit rating was 'B-’ with a negative outlook.

Get the Story:
Tribe's credit rating reduced twice in one week (The Petoskey News-Review 8/18)