...July 16, 2023 SINGAPORE (S&P Global Ratings) July 17, 2023--S&P Global Ratings today assigned its '##+' long-term issue rating to the US$300 million senior unsecured notes that Resorts World Las Vegas LLC (RWLV; ##+/Stable/--) proposes to issue. The company plans to use the proceeds to refinance a US$300 million subordinated shareholder loan from Genting Assets, Inc. The ratings on the notes are subject to our review of the final issuance documentation. The new unsecured notes will rank equally with the existing U$1.35 billion unsecured notes. The '4' recovery rating on the senior unsecured notes indicates our expectation for average recovery (30%-50%) in a hypothetical default scenario. After the issuance, RWLV's capital structure will consist of US$800 million secured facilities and US$1.65 billion unsecured notes. The '##+' issuer credit rating on RWLV reflects its highly strategic group status, as we believe it will receive strong support from its parent Genting Bhd. (Genting) under...
