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Announcement:

Moody's revises Snoqualmie's rating outlook to stable

26 Aug 2010

Approximately $330 million rated debt securities affected

New York, August 26, 2010 -- Moody's Investors Service today changed Snoqualmie Entertainment Authority's ("Snoqualmie") rating outlook to stable from negative following the recent improvement in its operating performance. The Authority's ratings, including its Caa3 Corporate Family Rating, remain unchanged.

The revision of rating outlook to stable incorporates Snoqualmie Casino's improved operating trend in the first six months of 2010 and Moody's expectation that the operating performance would likely continue to stabilize in the near term. Moody's believes that the improvement in the Authority's operating performance in the first half could be attributed to its more focused and effective marketing program, aided by the moderated unemployment rate in the Seattle metro area as well as a less inclement weather condition in the first quarter of this year as compared to the prior year.

Despite the aforesaid positive trends, the run-rate revenue and EBITDA remained well below Authority's original plan. Further, the Caa3 CFR continues to reflect the uncertainty surrounding the Authority's capital structure, given the high leverage and risk of potential covenant violations. Particularly, Snoqualmie may face a possible covenant violation when the financial covenants under the FF&E (Furniture, Furnishing & Equipment) loan credit agreement are reset to their original levels in the fourth quarter 2010, should a further amendment/waiver not be obtained on time. The rating upside is limited at this time until Snoqualmie has addressed Moody's concern on its capital structure.

Rating announcement is as follows:

Outlook revised to stable from negative

The following ratings were unchanged:

- Corporate Family Rating at Caa3

- Probability of Default Rating at Caa3

- $130 million floating rate senior notes due 2014 at Caa3 (LGD3, 46%)

- $200 million 9.125% senior notes due 2015 at Caa3 (LGD3, 46%)

The last rating action was on December 21, 2009 when Moody's downgraded Snoqualmie's all ratings to Caa3 from Caa1.

Please refer to moodys.com for an updated credit opinion.

The principal methodology used in rating Snoqualmie was Moody's Global Gaming Methodology, published in December 2009 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Snoqualmie is an unincorporated instrumentality of the Snoqualmie Indian Tribe, formed in September 2006 to develop and operate all gaming and related businesses of the Tribe, including Snoqualmie Casino. Snoqualmie Casino is located 26 miles east of downtown Seattle, Washington.

New York
Zhenyu Zhao
Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Andris G. Kalnins
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
USA

Moody's revises Snoqualmie's rating outlook to stable
No Related Data.
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