Moody’s revises rating for Las Vegas Sands Corp.
Moody’s Investor Service on Friday revised Las Vegas Sands Corp’s rating outlook to “positive” from “stable” and affirmed its Ba3 corporate rating.
The revision reflects greater confidence that Las Vegas Sands will be able to reduce its debt ratio, which is required for a one-notch ratings upgrade.
“Las Vegas Sands would also need to adhere to a conservative long-term financial policy in order to achieve a Ba2 corporate family rating,” said Keith Foley, a Moody’s senior vice president.
The “positive” outlook also incorporates Moody’s favorable view of Las Vegas Sands refinancing. The company’s Chinese subsidiary, Sands China, refinanced its $3.5 billion credit facility and could raise an additional $1 billion to strengthen the company’s balance sheet.
The company plans to retire its older loans covering The Venetian Macau and will use funds for construction on two development sites on the Cotai Strip.