Moody's: MGM unchanged

Moody's Investors Service commented that MGM Resorts International's (B2, stable) bank amendment proposal is a credit positive because it will extend at least a portion of the company's $3.5 billion term loans and revolving credit commitments by one year to 2015 and lower the Libor floor and potentially the interest margin on these facilities.

As a result, MGM will benefit from an increase in free cash flow due to lower interest expense and lower refinancing risk in 2014, the agency said.

But, the company's ratings already reflect an expectation that the company would continue to execute transactions to improve its liquidity profile, Moody's said.

Therefore, this proposed amendment will not have an immediate impact on MGM's ratings, the agency added.

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