Wynn Resorts Ltd.'s Proposed $900M First Mortgage Notes Assigned 'BBB-' Issue-Level Rating (Recovery Rating: 2) Mar 12
- Language: English
- Published: March 2012
NEW YORK (Standard & Poor's) Nov. 1, 2007--On Nov. 1, 2007, Standard & Poor's Ratings Services assigned its issue-level and recovery ratings to the proposed $400 million first mortgage notes to be co-issued by Wynn Las Vegas LLC (WLV) and Wynn Las Vegas Capital Corp. (WLVC). The loan was rated 'BBB-' (two notches higher than the 'BB' corporate credit rating on parent company Wynn Resorts Ltd.) with a recovery rating of '1', indicating the expectation for very high (90%-100%) recovery in the event of a payment default. Proceeds from the proposed $400 million notes will be used to fund WLV's future capital expenditures, including Encore at Wynn Las Vegas, scheduled to open in early 2009. Also, Standard & Poor's affirmed...
Companies mentioned in this report are: Wynn Las Vegas LLC,Wynn Las Vegas Capital Corp.,Wynn Resorts Ltd.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Wynn Las Vegas LLC,Wynn Las Vegas Capital Corp.,Wynn Resorts Ltd.