Fitch Ratings said it has downgraded the issuer rating assigned to the Cow Creek Band of Umpqua Indians in Oregon to CCC from B-plus. The agency also dropped the tribe’s Series 2006A, 2006B, and 2006C tax revenue bonds, of which $97.4 million are outstanding, to CCC-plus from BB-minus. Fitch said it is concurrently withdrawing the ratings.

Analyts expressed concerns regarding management’s accounting treatment of certain related-party asset sale transactions between the Seven Feathers Casino and the tribal government, raising significant governance and internal control issues.

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