Moody’s changes VICI outlook to positive

Moody’s Investors Service said it changed its outlook for VICI Properties LP to positive from stable and affirmed its Ba1 corporate family and senior unsecured and backed senior unsecured ratings.

“The positive outlook reflects VICI's growing EBITDA, largely driven by acquisitions that VICI predominantly pre-funded with proceeds from its forward equity sale agreements. The company's net debt/EBITDA improved to 5.1x at LTM Sept. 30, 2023, from 6.5x at year-end Dec. 31, 2022.

“Over the same period, EBITDA grew to $3.3 billion from $2.5 billion. Moody's anticipates that VICI will maintain its prudent financial policy, with a net debt/EBITDA target below 5.5x,” the agency said in a statement.

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