S&P cuts Choctaw Resort outlook to negative

Standard & Poor's said it revised its rating outlook on the Choctaw Resort Development Authority to negative from stable.

The ratings on Choctaw Resort, including the BB+ issuer credit rating, were affirmed, the agency said, adding that the outlook revision reflects continued operating softness through the first half of fiscal 2008, as demonstrated by a low-double-digit decline in net revenues over this period.

The reopening of capacity in the Gulf Coast gaming market, as well as a weaker economy, has led to a significant year-over-year decline in EBITDA for the quarter ended March 31 and a deterioration of Choctaw Resort's EBITDA margin, S&P noted.

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