Moody's ups Las Vegas Sands

Moody's Investors Service said it upgraded Las Vegas Sands Corp.'s corporate family and probability of default ratings to B1 from B2 and its 6 3/8% senior notes due 2015 to B1 (LGD 4, 50%) from B2 (LGD 4, 51%). The company has an SGL-2 speculative grade liquidity rating.

The agency also upgraded Venetian Casino Resort, LLC and Las Vegas Sands, LLC's senior secured revolving credit facility due May 2012, senior secured revolver due May 2014, senior secured term loan B due May 2014, senior secured term loan B due November 2016, senior secured delayed-draw term loan 1 due May 2014, senior secured delayed-draw term loan 1 due November 2016, senior secured delayed-draw term loan 2 due May 2013 and senior secured delayed-draw term loan 2 due November 2015 to B1 (LGD 4, 50%) from B2 (LGD 4, 51%).

Venetian Macao Ltd.'s senior secured term loans and revolver were upgraded to B1 (LGD 4, 50%) from B2 (LGD 4, 51%).

The outlook is positive.

The upgrades reflect the strong initial operating results from the company's Marina Bay Sands integrated resort in Singapore, which opened in April, Moody's said.

The upgrades also anticipate that the company's consolidated results will continue to benefit from its significant presence in the Asian gaming market, which Moody's said it expects will continue to experience strong and growing visitation and consumer demand trends during the next few years.

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