S&P May Upgrade MGM Mirage Debt Ratings - Consumer Finance Hub

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Debt Research News

HOME :: RESEARCH :: DEBT :: NEWS:: AUG 2007
S&P May Upgrade MGM Mirage Debt Ratings

Standard & Poor's Ratings Services said Wednesday it may upgrade MGM Mirage's debt ratings following news that Dubai World will invest approximately $5 billion in the casino operator. The ratings include MGM's "BB" corporate credit rating, a noninvestment-grade designation. MGM said the agreement with the government-owned holding company includes $2.7 billion for a 50 percent stake in its CityCenter megaresort in Las Vegas and up to $2.4 billion in stock purchases. "If a significant portion of the proceeds are used to permanently reduce debt, a one-notch upgrade of the ratings would be considered," the agency said in a statement.

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