Fitch lowers Las Vegas Sands

Fitch Ratings said it downgraded the issuer default ratings of Las Vegas Sands Corp. (LVSC), Sands China, Ltd. (SCL), and Marina Bay Sands Pte. Ltd. (MBS, collectively LVS) to BB+ from BBB-.

The agency also Fitch also lowered LVSC and SCL's unsecured debt to BB+/RR4 from BBB- and MBS' secured debt to BBB-/RR2 from BBB.

“The downgrade reflects Fitch's reduced confidence in the recovery of Macau's gaming industry as a result of strict governmental Covid-19 policies, continued weak visitation, and Fitch's recently reduced economic forecast for China. Fitch has revised down its Macau industry-wide assumptions, and LVS' resultant leverage trajectory is no longer consistent with an investment-grade rating. LVS continues to maintain conservative financial policies, which include holding a material excess liquidity,” the agency said in a press release.

The ratings remain on rating watch negative.

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