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S&P raises MGM
Standard & Poor's said it raised its corporate credit and issue-level ratings on MGM Mirage and its subsidiaries, as outlined in its May 13 release.
The agency said it raised the corporate credit rating to CCC+ from CCC, reflecting the substantial boost to the company's intermediate-term liquidity profile provided by the recent $2.5 billion capital raise.
S&P noted that it also removed all ratings from Creditwatch, where they were placed with positive implications on May 13, following MGM Mirage's announced plans to raise at least $2.5 billion of capital.
The outlook is developing.
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