S&P may lift MGM Mirage

Standard & Poor's said it placed the CCC corporate credit rating on MGM Mirage on CreditWatch with positive implications.

S&P assigned a rating of B to the company's proposed $1.5 billion senior secured notes with a recovery rating of 1.

The positive watch reflects MGM's announced plans to raise at least $2.5 billion of capital, including at least $1 billion of common equity, the agency noted.

The agency said that it expects to raise ratings on completion of MGM's planned transactions to CCC+.

S&P noted that it remains concerned about 2011 debt maturities, which include the expiration of the $5.85 billion bank facility.

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