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10/07/08 - Credit chill may put new Indian casino on ice

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The global credit squeeze has chilled sources of financing needed to complete a new Indian casino resort in Imperial County, a major credit-rating agency has warned. Fitch Ratings late Friday downgraded $155 million in bonds issued for the new Quechan casino and said the tribe faces “a real possibility” of default on the bonds if it is unable to secure a final, $25 million source of external funding for the $214 million project.