S&P rates MGM Mirage notes BB

Standard & Poor's said it assigned its BB rating to MGM Mirage's proposed $750 million senior unsecured notes due 2017.

Proceeds from the proposed offerings will be used to repay amounts outstanding under the company's revolving credit facility and for general corporate purposes, according to the agency.

At the same time, S&P said it affirmed its ratings on the company, including the BB corporate credit rating.

The outlook is stable.

S&P added that the ratings reflect MGM Mirage's active growth strategy and significant reliance on the Las Vegas Strip for a majority of its cash flow.

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