Moody’s ups Wynn Resorts Finance notes

Moody’s Investors Service said it raised Wynn Resorts Finance, LLC’s senior unsecured notes to B1 from B2 and Wynn Macau, Ltd.’s and Wynn Las Vegas, LLC's senior unsecured notes rating to B1 from B2. The agency also revised the outlook for the issuers to stable from negative.

Moody’s concurrently affirmed WRF’s B1 corporate family rating, B1-PD probability of default rating, and its existing Ba1 senior secured revolver and term loan ratings. The speculative-grade liquidity rating remains at SGL-2.

“The upgrade to the company's senior unsecured notes reflects a reduction in total debt levels as well as the change in the relative mix of secured versus unsecured debt in the company's capital structure. The reduction in secured debt, which has priority over unsecured debt, increases recoveries on the unsecured debt,” Moody’s said in a press release.

The affirmation and stable outlook reflect an expectation that Wynn's financial leverage will continue to retreat, as Macau's gaming market will rebound after China lifted its pandemic-related travel restrictions earlier this year and visitation and gaming revenue bounce back, the agency said.

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