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Showing posts from April 21, 2019

Resorts World Las Vegas LLC Assigned 'BBB+' Rating With Stable Outlook; Notes And Loans Rated 'BBB+'

Resorts World Las Vegas LLC (RWLV) is a highly strategic subsidiary of Genting Bhd., and we expect a strong level of support from the Malaysia-based parent company during the construction and initial ramp-up phases. RWLV is subject to construction and operation ramp-up risk, given its single project is still under construction. We expect the capital structure to remain highly leveraged in the next 24 months due to negative operating cash flow. On April 22, 2019, S&P Global Ratings assigned its 'BBB+' long-term issuer credit rating to RWLV and its 'BBB+' long-term rating to the company's senior secured debt obligations and senior unsecured notes. The stable outlook on RWLV is linked to the stable outlook on its parent company. This reflects our view that RWLV will receive strong support from the parent. It also reflects our expectation that the project will not register any material time or cost overruns. SINGAPORE (S&P Global Ratings) April 22, 2019--

Medco Energi Internasional Outlook Revised To Positive On Improving Scale, Leverage; 'B' Rating Affirmed

PT Medco Energi Internasional Tbk.'s production profile and cash flow leverage are strengthening as it progresses to complete the acquisition of Ophir Energy. Healthy cash flows, non-core asset sales, and controlled growth investments will likely improve Medco's cash flow leverage to commensurate with a higher rating over next 9-12 months. On April 22, 2019, S&P Global Ratings revised its outlook on Medco to positive from stable. At the same time, we affirmed our 'B' long-term issuer credit rating on the Indonesia-based oil and gas producer and our 'B' long-term issue rating on the various U.S. dollar-denominated senior unsecured notes the company guarantees. The positive outlook reflects the likelihood of an upgrade over the next nine to 12 months if Medco's operating performance and cash flow leverage improve in line with our expectations. SINGAPORE (S&P Global Ratings) April 22, 2019--S&P Global Ratings today took the rating actions lis