Highly competitive dynamics in the restaurant industry; and Established track record and strong brand. Leverage in the low-5x area over the next few years; and Solid interest coverage in excess of 3x. Standard&Poor's Ratings Services' stable rating outlook on Seminole Hard Rock reflects our expectation that operating lease-adjusted debt to EBITDA will remain above 5x over the next few years. The higher-rated Seminole Tribe of Florida's ownership of Seminole Hard Rock also supports our rating and outlook. Downward rating pressure could result from a weakening of credit measures because of sustained shortfalls in operating performance, additional debt-financed development opportunities or if we become less comfortable that the Tribe would provide support, if necessary, potentially because of an unexpected
