Moody’s assigns Sands China notes Baa2

Moody’s Investors Service said it assigned a Baa2 rating to Sands China Ltd.’s proposed offer of five- and 10-year notes for a total of $1.5 billion.

Proceeds will be used to provide liquidity and for general corporate purposes.

The agency confirmed the Baa3 senior unsecured rating of Las Vegas Sands Corp. and the Baa2 senior unsecured rating at its subsidiary Sands China.

Moody’s revised the outlook to negative from under review. The agency said it started the review for downgrade on March 16 and ended it with the confirmation and outlook revision.

“The negative outlook reflects the uncertain duration and recovery from the coronavirus-related earnings and cash flow pressure, which will lead to higher debt even when property earnings recover,” Moody’s said in a press release.

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