trending Market Intelligence /marketintelligence/en/news-insights/trending/yR5qDNPm8tIR932fHJRDBA2 content esgSubNav
In This List

Fitch raises MGM Resorts' ratings


According to Market Intelligence, December 2022


Insight Weekly: Layoffs swell; energy efficiency PE deals defy downturn; 2023 global risk themes


Insight Weekly: Energy crisis cripples Europe; i-bank incomes rise; US holiday sales outlook


Japan M&A By the Numbers: Q3 2022

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, ."