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: