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Fitch upgrades MGM
Fitch Ratings said it upgraded MGM Resorts International's issuer default rating to B- from CCC.
The agency also said it assigned an issuer default rating of B- to CityCenter Holdings, LLC and an issuer default rating of B+ to MGM Grand Paradise, SA.
The outlook for MGM Resorts is revised to stable from positive.
The outlooks for CityCenter and MGM Grand Paradise are stable.
The upgrade reflects the recovery on the Las Vegas Strip, which has progressed in line with expectations in 2011 and forward indicators have not shown any material weakness in the strip recovery story, Fitch said.
The global and U.S. economic outlook has deteriorated considerably over the past few months, which could negatively impact the pace of recovery on the strip in 2012 to 2013, the agency said.
The ratings consider that material credit risk remains present given the group's high leverage, but there is a limited margin of safety, Fitch said.
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