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S&P rates Resorts World Las Vegas notes BBB-
S&P said it assigned its BBB- long-term issue rating to the senior notes that Resorts World Las Vegas LLC (BBB-/negative/--) proposes to issue.
The company plans to use the proceeds to repay outstanding borrowings.
The outlook on Resorts World mirrors that on its parent Genting Bhd.
“The negative outlook on Genting reflects our expectation that the group's delayed recovery of its operations and elevated capital expenditure have left it with very limited rating headroom over the next 12-18 months. We expect Genting's key credit metrics to only recover in 2022; these include the debt-to-EBITDA ratio and ratio of funds from operations to debt,” S&P said in a news release.
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