Fitch assigns MGM Growth notes BB+

Fitch Ratings said it assigned a BB+/RR4 rating to MGM Growth Properties Operating Partnership LP's proposed $500 million of senior unsecured notes due 2029. Fitch rates the issuer and MGM Growth Properties, LLC's issuer default ratings BB+.

MGM Growth Properties intends to use the proceeds for general corporate purposes, including the redemption of up to $700 million of its operating partnership units held by MGM Resorts International should MGM decide to cause MGP to redeem those units for cash.

The outlook is negative.

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