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S&P assigns BB+ to Resorts World notes
S&P said it assigned BB+ issue-level and 4 recovery ratings to Resorts World Las Vegas LLC’s planned $300 million of senior unsecured notes. The 4 recovery rating on the senior unsecured notes indicates an average recovery (30%-50%) in a hypothetical default.
The rating is consistent with S&P’s rating on the issuer’s outstanding $1.35 billion of unsecured notes.
The company plans to use the proceeds to refinance a $300 million subordinated shareholder loan from Genting Assets, Inc.
The outlook is stable.
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