Moody's Investor Service looked into the future of Florida's gambling industry and liked the prospects for the Seminole Tribe's casino business. That's why Moody's this week upgraded the Seminole Tribe of Florida's existing term debt and bonds and assigned a positive Baa2 rating to the Tribe's proposed $2.4 billion credit facility. Proceeds from that facility will be used to repay the Tribe's outstanding term loans and fund expansions at its Tampa and Hollywood casinos in Florida.
"The upgrade of the Tribe's ratings reflect Moody's expectation of continued exceptionally strong credit metrics along with further and substantial investment in the Tribe's two largest casinos that will help the Tribe maintain its dominant market position over the long-term," stated Keith Foley, a Moody's senior vice president.
Jim Allen, CEO of the Tribe's Seminole Gaming unit, said the improved ratings will save millions of dollars by helping to keep borrowing costs lower. "They will help Seminole Gaming to continue as one of the world's most profitable gaming enterprises," he stated.
Added Tribe chairman Marcellus Osceola Jr.: "It means our Tribal members, employees, customers, vendor partners and community residents can count on many good years ahead."