S&P rates Wynn Las Vegas notes BBB-

Standard & Poor's said it assigned a rating of BBB- to the proposed $400 million first mortgage notes to be co-issued by Wynn Las Vegas LLC and Wynn Las Vegas Capital Corp., two notches higher than the BB corporate credit rating on parent company Wynn Resorts Ltd.

S&P also affirmed the BBB- rating on the existing $1.3 billion first mortgage notes.

The outlook is stable.

Proceeds will be used to fund capital spending.

According to the agency, the BB corporate credit rating reflects Wynn's significant debt burden and relatively aggressive intermediate and long-term capital spending strategy, as well as its small portfolio.

Still, the company's assets are among the highest quality in the gaming sector and operating results have been solid in both Las Vegas and Macau, S&P said.

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