The Mississippi Band of Choctaw Indians got some more bad news after the FBI raided its casino on June 12.
Two days later, Moody's Investors Service downgraded the $200 million in securities owed by the Choctaw Resort Development Enterprise from B3 to Caa2. The junk bond rating is one of the lowest possible.
Moody's cited uncertainty surrounding the tribe's leadership. The tribal council recently threw out the results of an election in which Phyliss J. Anderson defeated incumbent Beasley
Denson.
Moody's said the tribe could have trouble refinancing its debt. The tribe must pay $71 million on November 4.
Get the Story:
Choctaws' bonds get junk rating
(The Jackson Clarion-Ledger 7/31)
Related Stories:
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return on big investment (7/25)
Opinion: Raid on
Mississippi Choctaw casino tied to non-Indians (7/22)
Editorial: Something just not right with
Mississippi Choctaw casino (7/21)
Mississippi Choctaw chief confirms FBI
probe tied to gaming firm (7/20)
Business Deals | Public Relations
Mississippi Choctaw debt rating takes a dive after raid on casino
Monday, August 1, 2011
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