Wynn Las Vegas' Proposed $400M First Mortgage Notes Rated 'BBB-' (Recovery Rating: 1) Nov 07
- ID: 2085335
- November 2007
- Standard & Poors
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
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Research type: News
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