S&P lifts Las Vegas Sands

Standard & Poor's said it raised the corporate credit rating on the Las Vegas Sands Corp. family of companies to BB+ from BB.

Those companies include Las Vegas Sands LLC, its Venetian Casino Resort LLC subsidiary and affiliate VML U.S. Finance LLC, S&P said.

The agency also said it removed all of its ratings from CreditWatch, where it was placed with positive implications in February.

The outlook is positive.

The agency said it revised the recovery rating on company's U.S. senior secured credit facilities to 2 from 3. The 2 rating indicates 70% to 90% expected recovery in a default.

The revised recovery rating follows the recent redemption of the company's 6 3/8% senior notes, which shared in the security package pari passu with obligations under the credit facilities, S&P said.

With the lower amount of secured debt outstanding, this results in improved recovery prospects for the U.S. credit facilities under the simulated default scenario, the agency said.

S&P also said it raised the rating on VML's $3.7 billion senior secured credit facility to BB+ from BB, reflecting the one-notch rise in the corporate credit rating.

The upgrade reflects a belief that the company will maintain credit measures comfortably within the threshold for a BB+ corporate credit rating, the agency said, even incorporating aggressive development spending over time.

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