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Moody's may upgrade MGM Mirage
Moody's Investors Service said it placed on review for possible upgrade MGM Mirage's corporate family rating at Caa2, probability of default rating at Caa3, senior unsecured notes at Caa2 (LGD 3, 40%), senior subordinated at Ca (LGD 5, 85%), senior secured notes at B1 (LGD 1, 2%), along with Mandalay Resort Group's senior unsecured notes rating at Caa2 (LGD 3, 40%) and senior subordinated ratings at Ca (LGD 5, 85%).
The review reflects news that MGM is seeking amendments to its $5.55 billion of senior credit facilities, which would extend the maturity of a substantial portion of those credit facilities from Oct. 3, 2011 to Feb. 21, 2014, Moody's said.
The successful closing of the amendment as proposed would be a positive step forward for MGM with respect to near-term financial flexibility, the agency said, as well as its longer-term ability to remain viable as a going concern.
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