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S&P ups MGM Resorts
Standard & Poor's said it raised the corporate credit rating on MGM Resorts International to B- from CCC+, along with the rating on its senior secured notes to B+ from B with a recovery rating of 1, indicating 90% to 100% expected recovery in a default.
The agency also said it raised the rating on MGM's senior unsecured notes to B- from CCC+ with a 4 recovery rating, indicating 30% to 50% expected recovery in a default.
S&P also said it raised the rating on the company's subordinated debt to CCC from CCC- with a 6 recovery rating, indicating 0 to 10% expected recovery in a default.
The agency also said it removed all of the ratings from CreditWatch, where they were placed with positive implications in August.
The outlook is stable.
The upgrade reflects MGM's solid performance thus far in 2011, S&P said, and an expectation that MGM will continue benefitting from improving performance trends on the Las Vegas Strip, particularly on the lodging side of the business.
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