S&P rates Wynn loan BB+

S&P said it assigned a BB+ rating and 2 recovery rating to Wynn America LLC's new $125 million delayed draw senior secured term loan facility II.

Wynn America is an indirect wholly owned subsidiary of Wynn Resorts Ltd., S&P said.

The 2 recovery rating indicates 70% to 90% expected default recovery.

While the 2 recovery rating on the company's senior secured debt is unchanged, the recovery expectation has shifted to the lower half of the range from the upper half given the $125 million increase in senior secured debt, S&P explained.

In addition to increasing the overall size of the senior secured credit facility, Wynn also extended the available borrowing period for the remaining amounts available under the delayed draw term loan facilities to Dec. 31 given delays in the construction timeline for its Wynn Boston Harbor Resort due to legal and permitting challenges, the agency added.

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