S&P upgrades Wynn Resorts

S&P said it raised the issuer credit ratings on Wynn Resorts and its subsidiaries to BB from BB- and removed them from CreditWatch positive, where they were placed in January.

The agency also said it raised the issue-level ratings one notch in line with the issuer credit rating.

Regulators completed their investigations into Wynn's suitability and Wynn will maintain its license in Massachusetts, S&P explained.

The agency said it believes Wynn can absorb the fines and the conditions imposed, and they will not materially disrupt the opening of Encore Boston Harbor or Wynn's operations.

S&P said it expects Wynn's leverage to improve to about 4x in 2020 from the low-4x range in 2019, which provides cushion to absorb some operating volatility in Macau, increased dividends and possible additional growth investments.

The stable outlook reflects an expectation that Wynn's leverage will be in the low-4x range in 2019 despite some operating volatility, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.