Moody’s ups Sands China notes

Moody’s Investors Service said it upgraded Sands China Ltd.’s $5.5 billion of unsecured notes to Baa2 from Ba1. The outlook is stable.

The agency also assigned a Baa3 rating to Sands China’s parent, Las Vegas Sands Corp.’s, proposed $3.5 billion senior unsecured notes. Moody’s revised the outlook for the corporate parent to stable.

Moody’s said it sees continued earnings growth for Las Vegas Sands. The company will use the net proceeds from the sale of the notes to repay its $3.5 billion term loan.

When the agency upgraded Sands China’s notes Moody’s said it took into account the increased flexibility the corporate parent will have after the notes sale.

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