S&P cuts River Rock

Standard & Poor's said it lowered the ratings on River Rock Entertainment Authority, including its issuer credit rating to B- from B+.

The agency also said it placed the ratings on CreditWatch with negative implications.

The downgrade and CreditWatch listing reflect River Rock's limited progress in addressing near-term refinancing needs associated with its $200 million senior notes due November 2011, S&P said, as well as other debt held at the tribe.

With less than 12 months to the maturity on the senior notes, the agency said it has become increasingly concerned around River Rock's ability to successfully address these refinancing needs.

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