Fitch affirms MGM Mirage

Fitch Ratings said it has affirmed the BB+ senior secured notes issued by MGM Mirage.

The outlook is stable.

The ratings reflect MGM Mirage's market leading assets, significant discretionary free cash flow, and visible growth prospects. Offsetting factors include the company's limited geographic diversification, potential competitive impact of Wynn Resort on Las Vegas results in 2005 and continued risk that cash flow will be directed toward share repurchases and/or other investment opportunities rather than further capital structure strengthening.

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