International credit debt watcher Moody’s Investor Service has upgraded the Seminole Tribe of Florida’s existing term debt, affirming the positive prospects for the tribe’s casino business.

South Florida Business Journal reported that Moody’s assigned a positive Baa2 rating to the Tribe’s proposed $2.4 billion credit facility, saying that the tribe “reflects its dominant market position in the Florida gaming market and the company’s strong financial profile.”

Obligations rated Baa2 are subject to moderate credit risk. They are considered medium grade and as such may possess certain speculative characteristics.

It was reported that proceeds from that facility will be used to repay the Tribe’s outstanding term loans and fund expansions at its Tampa and Hollywood casinos in Florida.