HOLLYWOOD SEMINOLE RESERVATION, Fla., June 16, 2017 /PRNewswire/ -- The Seminole Tribe of Florida and Seminole Gaming today responded to news from Moody's Investors Service that it has upgraded the Tribe's existing term debt and bonds to Baa2 from Baa3, and upgraded its Special Obligation Bonds to Baa3 from Ba1. Moody's also assigned a Baa2 rating to the Tribe's specific plans for future borrowing to repay outstanding loans and fund proposed expansions at the Seminole Hard Rock Hotels & Casinos in Tampa and Hollywood, Fla.
The Tribe and Seminole Gaming also commented on news from Fitch Ratings that it "has affirmed the Seminole Tribe of Florida's Issuer Default Rating (IDR) at BBB and all existing issue-specific ratings." Fitch also assigned a BBB rating to the Tribe's specific plans for future borrowing.
Fitch Ratings news link: https://www.fitchratings.com/site/pr/1025151
"The ratings upgrades, affirmations and strong new ratings are great news for the Seminole Tribe of Florida as we look toward a solid, stable future for the Tribe," said Chairman Marcellus Osceola Jr. "It means our Tribal members, employees, customers, vendor partners and community residents can count on many good years ahead."
Seminole Gaming CEO Jim Allen said, "These improved and renewed investment-grade ratings will save millions of dollars by helping to keep borrowing costs low. They will help Seminole Gaming to continue as one of the world's most profitable gaming enterprises."
About the Seminole Tribe of Florida and Seminole Gaming
The Seminole Tribe of Florida is a sovereign, self-governing Indian Tribe with 4,100 members living on and off reservations in many regions of Florida. It is governed by an elected 5-person Tribal Council and a 5-person Board of Directors according to a Constitution adopted in 1957. Its Seminole Gaming operation manages seven Florida casinos, including the Seminole Hard Rock Hotels & Casinos in Tampa and Hollywood, Fla. Seminole Gaming has long been recognized for its industry innovations and success. In 1979, it opened a high-stakes bingo hall and casino, which became the forerunner of the Indian Gaming movement. The Seminole Tribe of Florida also owns Hard Rock International, with venues in 75 countries, including 176 cafes, 24 hotels and 11 casinos and the world's greatest collection of music memorabilia, with much of it displayed at its locations around the globe.
MEDIA CONTACT: Gary Bitner, 954/849-9201 (Mobile)
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SOURCE Seminole Tribe of Florida