Rating On Resorts World Las Vegas' Senior Unsecured Notes Raised To 'BB+' From 'BB'

SINGAPORE (S&P Global Ratings) June 30, 2023--S&P Global Ratings today raised its long-term issue rating on Resorts World Las Vegas LLC's (RWLV) senior unsecured notes to 'BB+' from 'BB'. The rating action reflects a reduction in the proportion of senior secured credit facilities in the company's capital structure. This follows an equity contribution of US$145 million and a subordinated shareholder loan of US$300 million to partially repay existing senior secured credit facilities. RWLV announced the closing of the amendment and extension of its existing senior secured credit facilities on June 29, 2023 (U.S. time). We revised the recovery rating on RWLV's senior unsecured notes to '4' from '5' owing to the reduced proportion of senior secured credit facilities in the

...June 29, 2023 SINGAPORE (S&P Global Ratings) June 30, 2023--S&P Global Ratings today raised its long-term issue rating on Resorts World Las Vegas LLC's (RWLV) senior unsecured notes to '##+' from '##'. The rating action reflects a reduction in the proportion of senior secured credit facilities in the company's capital structure. This follows an equity contribution of US$145 million and a subordinated shareholder loan of US$300 million to partially repay existing senior secured credit facilities. RWLV announced the closing of the amendment and extension of its existing senior secured credit facilities on June 29, 2023 (U.S. time). We revised the recovery rating on RWLV's senior unsecured notes to '4' from '5' owing to the reduced proportion of senior secured credit facilities in the capital structure. The '4' recovery rating indicates our expectation for average recovery (30%-50%) in a hypothetical default scenario. As such, the rating on the senior unsecured notes are equalized with the...

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