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Fitch affirms MGM Growth Properties ratings on Blackstone JV

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.