S&P rates Wynn Macau notes BB-

S&P said it assigned its BB- issue-level rating to Wynn Macau Ltd.’s proposed $750 million of senior unsecured notes due in 2026 and placed it on CreditWatch with negative implications.

The company will use the proceeds for general corporate purposes until business recovers from the effects of the pandemic, then to help repay a portion of the secured debt under its Wynn Macau revolver and term loan.

S&P also upgraded Wynn Macau’s unsecured debt to BB- from B+, citing theWynn Macau’s plan to use the added liquidity to help repay debt once the Macau operation stabilizes.

All the ratings remain on negative watch, S&P said.

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