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S&P: MGM Mirage view stable
Standard & Poor's said it revised the outlook on MGM Mirage to stable from positive and affirmed the BB corporate credit rating.
S&P said the outlook revision reflects the agency's assessment that an upgrade is unlikely over the intermediate term, given current weak operating trends on the Las Vegas Strip.
The BB rating reflects active growth strategy, reliance on the Las Vegas Strip for a majority of its cash flow and moderate debt leverage, the agency said.
The issuer's adjusted total debt-to-EBITDA ratio rose to an estimated 5.9 times as of March 31 from 4.9 times as of Dec. 31.
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