Fitch Ratings affirmed its long-term issuer default ratings on MGM Growth Properties LLC and its operating partnership, MGM Growth Properties Operating Partnership LP, at BB+, with a stable outlook.
The rating agency attributed the affirmation to the casino real estate investment trust's formation of a joint venture with Blackstone Real Estate Income Trust Inc. for the MGM Grand-Las Vegas and Mandalay Bay properties.
The action was also attributed to the casino REIT's $1.4 billion redemption of MGM Resorts International's operating partnership units in MGM Growth Properties.
Fitch said it views the transactions as neutral overall.