Projo 7 to 7 News Blog

NEW LONDON, Conn. (AP) -- A major financial services company is considering downgrading the credit rating of the Mashantucket Pequot tribe following declining slot machine profits at the Foxwoods Resort Casino.

Standard & Poor's yesterday issued a "CreditWatch" with negative bias, meaning the tribe has a 50-percent chance of having its rating downgraded.

S&P credit analyst Craig Parmelee says the company will now conduct a thorough review of the tribe's rating.

On Tuesday, the tribe reported that slot-machine revenue at Foxwoods was down nearly 9 percent over last year's numbers in June.

The tribe's credit rating was reduced in November from BBB- to BB+. At the time, analysts said they were concerned with the tribe's high debt leverage among other things.

-- The Associated Press

 Tags  business credit rating Foxwoods Resort Casino

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