S&P lowers Inn of the Mountain Gods

Standard & Poor's said it lowered its corporate credit and senior unsecured debt ratings on Inn of the Mountain Gods Resort and Casino to CCC from B.

The outlook is negative.

"The ratings downgrade reflects continued weak operating performance and its concerns surrounding Inn of the Mountain Gods' near-term liquidity position," noted S&P credit analyst Ariel Silverberg.

The agency said it expects that negative trends will continue at least through the remainder of the company's fiscal year ending April 2009.

Therefore, the agency said it believe that the company will be challenged in the next 12 months to meet its fixed obligations related to its senior notes and furniture, fixtures, and equipment facility, totaling about $30 million, as well as about $3 million in annual maintenance-related capital expenditures.

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