Moody's may up Oglebay

Moody's Investors Service said it revised the direction of its rating review for Oglebay Norton Co. (B1 corporate family rating) to a possible upgrade from a possible downgrade.

According to Moody's Oglebay's ratings had been placed under review for possible downgrade on July 26, when Harbinger Capital Partners commenced a tender offer for Oglebay's shares.

The revised review direction follows the company's announcement that it has entered into a definitive agreement, under which Carmeuse North America will acquire all of Oglebay for $700 million, the agency said.

Moody's said it expects that Carmeuse will refinance all of Oglebay's existing debt, in which case Moody's existing ratings for Oglebay will be withdrawn.

The following ratings were placed under review for possible upgrade: B1 corporate family rating, B1 probability of default rating, B1 $55 million guaranteed senior secured revolving credit facility and B1 $140 million guaranteed senior secured term loan B.

Moody's gives Wynn Resorts Ba3

Moody's Investors Service said it assigned a Ba3 corporate family rating, Ba3 probability of default rating and stable outlook to Wynn Resorts Ltd.

At the same time, Moody's said it assigned a B2 (LGD-6, 91%) to Wynn HoldCo's existing $1 billion senior unsecured delay draw term loan due 2010.

In conjunction with these new rating assignments, Moody's said it upgraded Wynn Las Vegas, LLC's $1.3 billion first mortgage notes due 2014 to Ba2 (LGD-3, 33%) from B1 (LGD-4, 50%) and withdrew Wynn Las Vegas' B1 corporate family rating and B1 PDR.

According to the agency, Wynn HoldCo's Ba3 corporate family rating acknowledges the excellent results for both its Las Vegas and Macau subsidiaries, improved consolidated financial and liquidity profile following the latest of several equity offerings, good risk reward profile of planned developments in both gaming markets and continued favorable reputation as a high-end resort developer and innovator.

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