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Summary: Seneca Gaming Corp. May 11
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services' issuer credit rating on Niagara Falls, N.Y.-based Seneca Gaming Corp. (SGC) reflects its limited diversity as an operator of three casinos in western New York and uncertainty surrounding the ongoing negotiation between the Seneca Nation of Indians (the Nation) and the State of New York regarding the exclusivity provisions in its gaming compact. The limited clarity around the terms of a potential settlement and the financial and competitive implications that the settlement could have on SGC's operations are key rating factors. Good credit measures that are in line with the current rating and consistent operating trends over the economic cycle partially offset those factors. In addition, we believe the measures taken to provide for the...
Companies mentioned in this report are: Seneca Gaming Corp.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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