S&P lowers Las Vegas Sands

Standard & Poor's said it lowered its corporate credit rating and issue-level ratings on the Las Vegas Sands Corp. family of companies, including Las Vegas Sands LLC, its Venetian Casino Resort LLC subsidiary and affiliate VML U.S. Finance LLC.

The corporate credit rating was lowered to B- from B, the agency added.

The ratings were removed from Creditwatch, where they were initially placed with negative implications on July 16, S&P said.

The outlook is negative.

At the same time, the agency said it revised its recovery rating on Las Vegas Sands Corp.'s $250 million senior notes and Las Vegas Sands LLC's $5 billion senior secured credit facility to 3 from 2.

The issue-level rating on the facilities was lowered to B- from B+, in accordance with its notching criteria for a recovery rating of 3, the agency said, adding that it also lowered the issue rating on the secured loan facilities at VML U.S. Finance LLC to B- from B.

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