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Fitch raises MGM Resorts' ratings

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Fitch raises MGM Resorts' ratings

Fitch Ratings raised its issuer default rating on to BB fromB+ and its senior secured facility to BBB-/RR1 from BB+/RR1.

The agency also affirmed its senior unsecured notes at BB/RR3.

The outlook is stable.

In addition, Fitch affirmed the issuer default ratings for MGMChina Holdings Ltd. and its co-borrower MGM Grand Paradise S.A. at BB and theirsenior secured credit facility at BBB-/RR1 with a stable outlook.

Fitch said that the upgrade of MGM's issuer default rating reflectsthe company's deleveraging toward its target of below 5x, which is expected to occurby 2017.

MGM's upgraded senior secured facility rating reflects Fitch'sview that the facility is "well overcollateralized by the pledged assets, ."