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Moody's assigns B2 to Wynn notes
Moody’s Investors Service said it assigned a B2 rating to Wynn Resorts Finance LLC's $600 million of senior unsecured notes.
WRF's B1 corporate family rating, B1-PD probability of default rating, and Ba1 rated senior secured revolver and term loan and B2 rated senior unsecured notes are unchanged. The B2 rated senior unsecured notes at Wynn Macau, Ltd. and Wynn Las Vegas, LLC are unchanged. The company's speculative-grade liquidity rating of SGL-2 and negative outlook are unchanged, Moody’s said.
The proceeds and cash on hand will be used to refinance WRF's 7¾% senior unsecured notes due 2025, as well as pay related fees and expenses.
“The refinancing is modest credit positive, pushing out a portion of the company's 2025 maturities and improving financial flexibility,” the agency said in a press release.
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