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Mashantucket Pequot rating may be downgraded18 July 2008CONNECTICUT -- As reported by the Connecticut Day: "Standard & Poor's is considering downgrading the credit rating of the Mashantucket Pequot tribe on the heels of disappointing slots numbers in June. "The financial services company on Wednesday issued a 'CreditWatch' with negative bias, meaning the tribe has a 50-percent chance of having its rating downgraded, according to S&P credit analyst Craig Parmelee. S&P will now conduct a thorough review of the tribe's rating. "On Tuesday, the tribe reported that slot-machine revenue at its Foxwoods Resort Casino was down nearly 9 percent over last year's numbers in June, despite a 13-percent increase in the number of slot machines with the opening of MGM Grand at Foxwoods in mid-May, according to Standard & Poor's. "While a surge in business at a new property tends to dissipate over time, analysts didn't expect the numbers to drop off so quickly..." |