It remains unclear whether the Quechan Tribe obtained private funding needed to secure bonds for building a new resort after Tribal President Mike Jackson issued a "no comment" on the matter Monday.

A global credit squeeze led Fitch Ratings to downgrade $155 million in bonds issued for the new casino and report that the tribe is likely to be in jeopardy of default if it cannot gain the final $25 million of the $214 million project. Jackson said the tribe would have the funding by Friday following the Oct. 3 report by the Securities and Exchange Commission-recognized independent rating agency.

"There's not going to be any stopping it," Jackson said on Oct. 7 when he first commented on the report. When reached by phone Monday, Jackson said he had no comment. When asked if he wanted to confirm or deny reception of the funding, he reiterated that he had "no comment on the matter."

The tribe is building a 297,000-square foot casino resort project that would have 166 hotel rooms and 990 slot machines. It would open shortly after the new year and replace the existing California casino located on the California-Arizona border.

The Quechans, according to the Oct. 3 Fitch Ratings report, need to secure $25 million in private funding. But "due to adverse market conditions, the tribe has not been able to secure the financing externally. As a result, a project fund deficiency is occurring under the gaming enterprise bond indenture."

Fitch downgraded a $45 million 2007 series and a $110 million 2008 series to CCC and CCC+, respectively. Both grades are considered junk bond status. Their former ratings were a solid B+ and BB-, respectively.

The initial $25 million deficiency from tribal funds was covered by a $4.2 million influx of tribal monies. But the tribe might not be able to meet reserve requirements of the bonds if that continues, according to a Business Wire report issued by Fitch. Covenants of the government project bond state that the tribe must maintain an unrestricted net asset balance equal to at least 125 percent of the principal amount of long-term outstanding indebtedness that doesn't have security interest in casino cash flows, the report reads.

That means money that must be maintained at the casinos for gambling purposes cannot count toward the percentage. Casinos must house certain levels of money depending upon their gaming operations.

In order to cure the project funding ills, the tribe must "either deposit $25 million in the project fund, or must fund the deficiency amount of $25 million in six equal monthly installments of $4.2 million," the report read.

The tribe has elected to start to fund the deficiency over six months while continuing to attempt to secure external financing. The first monthly installment of $4.2 million was contributed during the first week of October using the funds of the tribal government.