Moody’s adds ‘limited default’ designation to Mashantucket Pequots’ debt
HBJ Photo | Joe Cooper
Rodney Butler, chairman of the Mashantucket Pequot Tribal Nation, which oversees Foxwoods Resort Casino.
Major debt-rating agency Moody’s earlier this year added a “ limited default” designation to the debt rating of the Mashantucket (Western) Pequot Tribe, operators of Foxwoods casino.
The designation came after the Mashantuckets were able to push back the due date of a major loan again after multiple extensions.
Moody said it considered the latest extension to be a “missed payment,” adding that about $255 million of the $275 million original loan amount was outstanding as of Sept. 30, 2020.
Mashantucket Pequot Tribal Chairman Rodney A. Butler said the designation was “technical in nature” and subsequently removed by Moody’s after the tribe’s lenders agreed to extend the loan maturity date to Feb. 16, 2022.
“No payment default has occurred,” Butler said, adding that the tribe’s corporate family rating and loan ratings from Moody’s remained unchanged.
The Mashantucket Pequot are in the midst of negotiations with the state on the details of sports betting and online gambling in the state.
Gov. Ned Lamont's administration struck a deal with the Mohegan tribe, operators of Mohegan Sun, earlier this month and were said to be close with the Mashantucket Pequots. A final deal is still pending.
https://www.hartfordbusiness.com/article/mohegans-agree-to-sharing-sports-betting-with-ct-lottery
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