Moody's trims Wynn Resorts Finance

Moody's Investors Service said it trimmed Wynn Resorts Finance, LLC's corporate family rating to B1 from Ba3, probability of default rating to B1-PD from Ba3-PD and senior unsecured notes to B2 from B1. The agency affirmed the Ba1 rated senior secured revolver and term loan.

Additionally, the agency downgraded Wynn Macau, Ltd.'s senior unsecured notes to B2 from B1. The senior unsecured notes at Wynn Las Vegas, LLC were downgraded to B2 from B1. The company's speculative-grade liquidity rating of SGL-2 is unchanged.

“The rating downgrade reflects Moody's expectation that Wynn's credit metrics will remain weaker than pre-pandemic levels, because of the slow recovery in earnings amid lingering travel restrictions affecting Wynn's Macau operations given the still heightened social risk due to the negative effect the coronavirus continues to have on visitation and travel in the region. Moody's expects Wynn's consolidated earnings to remain meaningfully below pre-pandemic levels at least through 2022, because the recovery in gross gaming revenue (GGR) in Macao SAR, China will likely be gradual and bumpy,” the agency said in a press release.

The outlook remains negative.

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