Moody’s ups Studio City Finance rates notes B1

Moody’s Investors Service said it upgraded Studio City Finance Ltd.’s senior unsecured ratings to B1 from B2 and assigned a B1 rating to its planned senior unsecured notes.

Studio City Finance plans to use the proceeds to refinance Studio City Co. Ltd.’s senior secured notes due in 2021 and partially fund its capital spending.

“The upgrade of Studio City Finance’s senior unsecured rating reflects lower subordination risk for senior unsecured bondholders, following the planned redemption of the company’s secured debt,” said Sean Hwang, a Moody’s assistant vice president and analyst, in a press release.

Studio City Finance’s senior unsecured ratings are now on par with its B1 corporate family rating, given Moody’s expectation after the refinancing, senior unsecured obligations will dominate the company’s liability

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.