Moody’s ups VICI, rates notes Ba3, view to stable

Moody's Investors Service said it upgraded the senior unsecured debt rating of VICI Properties LP to Ba3 from B1 and assigned a Ba3 rating to VICI's $2.5 billion senior unsecured notes currently being marketed and affirmed its corporate family rating at Ba3. The agency also upgraded all the ratings of VICI's wholly-owned subsidiary, VICI Properties 1 LLC, including the senior secured credit facilities to Ba2 from Ba3 and its second-lien notes to Ba3 from B1.

Proceeds will be used primarily to fund the previously announced Eldorado acquisition and the remainder to refinance the $498.5 million second-lien notes.

The rating upgrade reflects VICI's capital mix shift to mostly unsecured debt in its capital structure with the proposed offering of up to $2.5 billion of unsecured bonds.

Moody’s revised the outlook to stable from positive.

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