GGRAsia – Moody’s downgrades Wynn Resorts Finance on Macau lag

Moody’s Investors Service Inc has downgraded Wynn Resorts Finance LLC’s corporate family rating to ‘B1’ from ‘Ba3’, and its senior unsecured notes to ‘B2’ from ‘B1’. The outlook on the company remains ‘negative’, the institution said in a recent announcement.

Wynn Resorts Finance is a unit of U.S.-based casino operator Wynn Resorts Ltd, which has business in Macau via Wynn Macau Ltd.

Moody’s said in its report that the senior unsecured notes Wynn Macau Ltd – the operator of the Wynn Macau and Wynn Palace casino resorts in that city – were also downgraded, to ‘B2’ from ‘B1’.

Obligations rated ‘B’ are considered speculative and are subject to high credit risk, according to Moody’s.

The rating downgrades reflect…