Fitch rates MGM Mirage add-on BB+

Fitch Ratings said it assigned a BB+ rating to MGM Mirage's $400 million add-on to the 6% senior notes due 2009.

Proceeds will be used to help repay a portion of the $1.7 billion outstanding under its $2 billion revolving credit facility maturing 2005.

Fitch has placed MGM Mirage's long-term ratings on Rating Watch negative since June following the announcement of MGM Mirage's proposed acquisition of Mandalay Resort Group for $4.9 billion in cash plus the assumption of $2.8 billion in debt.

The current ratings reflect MGM Mirage's market leading assets, significant discretionary free cash flow and visible growth prospects, according to Fitch.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.