S&P ups Spectacle Gary

S&P said it upgraded Spectacle Gary Holdings LLC’s issuer rating to B from B- and its other ratings by a notch.

The Seminole Tribe of Florida increased its ownership in Spectacle Gary’s direct parent to around 76%, following regulatory issues that required prior majority owners to relinquish their stake.

“We believe the tribe, via SHRE/SHRI and its Seminole Hard Rock subsidiaries, can direct Spectacle's cash flows and the tribe would potentially provide some support to Spectacle if needed. As a result, we believe that the tribe's majority ownership improves Spectacle's credit profile,” the agency said in a press release.

The outlook is stable.

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