Moody's upgraded VICI Properties' senior unsecured debt rating to Ba3 from B1, while affirming its corporate family rating at Ba3.
At the same time, the rating agency upgraded all the ratings of the casino real estate investment trust's VICI Properties 1 LLC unit. The ratings on the unit's senior secured credit facilities were raised to Ba2 from Ba3, and the second-lien notes were upgraded to Ba3 from B1.
The ratings outlook was changed to stable from positive.
Moody's said the rating upgrade takes into account the REIT's capital mix shift to mostly unsecured debt in its capital structure with the proposed offering of up to $2.5 billion of unsecured bonds.
The affirmation factors in the company's "high quality and geographically diverse" property portfolio, as well as solid cash flow and prudent capital management policy, the rating agency added.