Highly competitive dynamics in the restaurant industry Established track record and strong brand Leverage in the mid-4x area through 2016 Solid interest coverage of about 4x The stable rating outlook on Seminole Hard Rock Entertainment Inc. reflects our expectation that operating lease-adjusted debt to EBITDA will remain in the mid-4x area over the next few years. The higher-rated Seminole Tribe of Florida's (the Tribe) ownership of Seminole Hard Rock also supports our rating and outlook. A downgrade scenario could stem from a reassessment of our view that the Tribe would provide support to Seminole Hard Rock in the case of an unexpected weakening of credit quality at the Tribe, or our belief that this investment is no longer important strategically
