Moody's ups Las Vegas Sands

Moody's Investors Service said it upgraded Las Vegas Sands Corp.'s corporate family and probability of default ratings to Ba3 from B1, along with its 6 3/8% senior notes due 2015 to Ba3 (LGD 4, 50%) from B1 (LGD 4, 50%). The company's speculative grade liquidity rating also was raised to SGL-1 from SGL-2.

The outlook is stable.

Also upgraded were Venetian Casino Resort, LLC and Las Vegas Sands, LLC's senior secured revolver expiring May 2012, senior secured revolver expiring May 2014, senior secured term loan B due May 2014, senior secured term loan B due November 2016, senior secured delayed-draw term loan 1 due May 2014, senior secured delayed-draw term loan 1 due November 2016, senior secured delayed-draw term loan 2 due May 2013 and senior secured delayed-draw term loan 2 due November 2015 to Ba3 (LGD 4, 50%) from B1 (LGD 4, 50%).

The agency also upgraded Venetian Macao Ltd.'s senior secured term loans and senior secured revolver to Ba3 (LGD 4, 50%) from B1 (LGD 4, 50%).

The company has the ability and willingness to reduce its debt-to-EBITDA ratio to below 4x by the end of fiscal 2011, Moody's said.

The company's strong fourth-quarter 2010 results combined with the expectation that these positive trends will continue also support the upgrade, the agency said.

© 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.