S&P rates Wynn notes BBB-

Standard & Poor's said it assigned its BBB- issue-level rating and 2 recovery rating to Wynn Resorts Ltd.'s proposed $1.75 billion senior notes due 2025.

The 2 recovery rating indicates an expectation for substantial (70% to 90%) recovery for noteholders in the event of a payment default.

The notes will be secured by a first-priority pledge of Wynn Resorts' equity interest in Wynn Las Vegas LLC, which is the same security for the existing first mortgage and senior notes issues.

The notes will be co-issued by subsidiaries Wynn Las Vegas and Wynn Las Vegas Capital Corp.

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