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Fitch rates Las Vegas Sands loan BBB
Fitch Ratings said it assigned a BBB rating to Las Vegas Sands, LLC's (LVS LLC) $1 billion proposed incremental senior secured term loan B.
The agency also affirmed the issuer default ratings for Las Vegas Sands Corp. (LVS) and its subsidiaries (including LVS LLC's) at BBB- and the existing senior secured debt at BBB.
The outlook is stable.
The incremental term loan will be used for general corporate purposes, including share repurchases, and will be on par with LVS LLC's existing senior secured credit facility.
Fitch said the incremental debt will increase Las Vegas Sands’ gross leverage to 2.4 times from 2.2 times for the LTM period ending March 31, 2018. Pro forma for the pending sale of Sands Bethlehem and the incremental term loan, gross leverage is 2.5 times, well within the agency’s downgrade sensitivity of 4 times.
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