S&P rates Resorts World notes, loans BBB+

S&P said it assigned its BBB+ preliminary long-term issuer credit rating to Resorts World Las Vegas and a BBB+ preliminary issue rating to the company's proposed senior secured debt obligations as well as proposed senior unsecured notes.

The stable outlook is stable.

The preliminary rating on the company reflects the company's position as a highly strategic subsidiary that is wholly owned by Genting Bhd. (A-/stable/--), S&P said in a news release.

The preliminary rating is based on the expectation that Resorts World will receive a cumulative US$1.75 billion of equity injection from the parent and successfully raise US$2.4 billion comprising the following proposed transactions: $1.2 billion five-year senior secured revolving loan facilities; a $400 million five-year senior secured term loan; and $800 million 10-year senior unsecured notes.

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