Moody’s Investors Service has downgraded the credit rating for the Seneca Nation gaming corporation.
The debt rating for Seneca Gaming Corporation fell a notch, from B2 to B1. Moody's cited an ongoing dispute with the state over the Class III gaming compact.
"Moody’s views the recent announcement by the nation to seek expedited arbitration to resolve the issue after more than one year of unsuccessful negotiations with the state as a major setback,” the agency said, The Buffalo News reported.
The tribe has withheld $333 million, accusing the state of violating the exclusivity provisions of the compact by allowing non-Indian gaming.
Get the Story:
Seneca Gaming’s rating downgraded by Moody’s
(The Buffalo News 12/2)
Related Stories:
Editorial:
Communities need Seneca Nation casino revenue (11/7)
Seneca Nation
accuses state of bad faith for gaming talks (11/4)
Seneca Nation still holding onto $330M in
gaming revenues (11/3)
New York
Seneca Nation's credit rating takes a dip amid gaming dispute
Friday, December 2, 2011
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