Las Vegas Sands shares up on S&P upgrade
S&P upgrades corporate credit rating on Las Vegas Sands, shares jump
NEW YORK (AP) -- Standard & Poor's Ratings Services on Wednesday raised its corporate credit rating on casino operator Las Vegas Sands Corp. based on plans to refinance some of its debt.
The move sent the Las Vegas-based company's shares up nearly 4 percent to $74.51.
S&P bumped the company's corporate rating up one notch to "BBB-" from "BB+", moving it into investment-grade territory. The outlook is "Stable," implying there won't be upgrades or downgrades in the near future.
The rating agency said the upgrade is based on the casino company's expected debt levels for the next few years, which it says should provide it an adequate cushion, along with its cash balances, for its needs.
S&P also assigned the company's proposed $750 million revolving credit facility and $2.5 billion term loan a "BBB-" issue-level rating. It also raised its rating on Las Vegas Sands' Macau senior secured credit facilities to "BBB-" from "BB+", in line with the upgrade of the corporate credit rating.
Las Vegas Sands owns a number of casinos and hotels in the U.S. and abroad, including The Venetian in Las Vegas and Sands Cotai in Macau.
