The 'BB' corporate credit rating on Seminole Hard Rock Entertainment Inc. and Seminole Hard Rock International LLC (collectively referred to as Seminole Hard Rock) reflects: The company's position in the highly competitive restaurant industry; The themed nature of its business, which makes the Hard Rock brand susceptible to changing consumer tastes and factors that affect tourism; Historical earnings volatility; and High debt leverage. These risks are partially offset by: Hard Rock's long-established track record and brand; Its modestly improved operating performance; and Our expectation that, within certain limitations, the Seminole Tribe of Florida would support this wholly owned entity, even though it does not have the legal obligation to do so (the rating would likely be two notches lower in
