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Fitch reviews Marina District Finance, Borgata
Fitch Ratings said it placed Marina District Finance Co., Inc.'s B issuer default rating on Rating Watch Positive and Borgata's issue ratings on Rating Watch Positive following MGM Resort International's and Boyd Gaming's announcement that MGM will acquire Boyd’s 50% stake in Borgata.
MGM will then sell Borgata's real estate assets to MGM Growth Properties (MGP) and lease back the real property to a subsidiary of MGM.
Fitch said the review reflects its view of MGM & MGM Growth’s credit profiles, which the agency sees as stronger than Borgata's current credit profile.
Fitch currently rates MGM's long-term issuer default rating BB. It does not have public ratings on MGP but views its credit profile as slightly stronger relative to MGM's main credit group.
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