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Wynn Macau’s and Wynn Las Vegas’ senior unsecured debt was upgraded by a notch to B1 from B2 by Moody’s. Moody’s also upgraded the senior unsecured debt of Wynn Resorts Finance, the parent of the above two companies by a notch to B1. The issuer ratings were unchanged however. The upgrade comes on the back of the total reduction in debt along with reduction of the secured debt portion in its capital structure, which increases the recoveries on unsecured debt. Moody’s also changed the outlook on the above three entities to stable from negative. The outlook change reflects Moody’s expectation that the companies will continue to reduce its financial leverage owing to higher revenues and EBITDA growth due to recovery of the gaming market in Macau region.
Wynn Macau’s dollar bonds traded stable with its 4.875% 2024s at 98.4 cents on the dollar, yielding 6.91%