S&P rates Resorts World Las Vegas notes BBB+

S&P said it assigned a BBB+ long-term issuer credit rating to Resorts World Las Vegas LLC, along with a BBB+ long-term rating to its senior secured debt obligations and senior unsecured notes.

Resorts World Las Vegas is a highly strategic subsidiary of Genting Bhd. and S&P said it expects a strong level of support from its parent company during the construction and initial ramp-up phases.

Resorts Las Vegas is subject to construction and operation ramp-up risk, given its single project is still under construction, the agency said.

S&P said it expects the capital structure to remain highly leveraged in the next 24 months due to negative operating cash flow.

The commitment from Genting helps to reduce risk, the agency said.

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