...April 29, 2021 MELBOURNE (S&P Global Ratings) April 30, 2021--S&P Global Ratings today assigned its '###-' long-term issue rating to SKYCITY Entertainment Group Ltd.'s (SkyCity; ###-/Stable/--) NZ$125 million unsubordinated, unsecured, fixed-rate notes that mature on May 21, 2027. The company will use the proceeds to pay down drawings on its bank facilities. We equalize the issue rating with the issuer credit rating on SkyCity, given that no significant elements of subordination risk are present in the capital structure. SkyCity's long-term monopoly positions in its key markets, good asset quality supported by ongoing reinvestment and effective management, and earnings resilience through traditional economic cycles underpin its business risk profile. We view SkyCity's Auckland casino to be the highest quality asset in its portfolio and a key driver of the group's performance. Furthermore, SkyCity holds exclusivity licenses in Auckland until 2048, helping it to maintain its market share....
