{"id":777014279,"date":"2024-03-27T08:12:27","date_gmt":"2024-03-27T11:12:27","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777014279"},"modified":"2026-04-22T11:42:06","modified_gmt":"2026-04-22T14:42:06","slug":"fitch-ratings-upgrades-mgm-china","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/fitch-ratings-upgrades-mgm-china","title":{"rendered":"Fitch Ratings upgrades MGM China"},"content":{"rendered":"\n

Fitch Ratings has upgraded MGM China and MGM Resorts International’s credit ratings.<\/p>\n\n\n\n\n\n\n\n

Macau.-\u00a0Fitch Ratings\u00a0<\/strong>has upgraded the credit ratings of\u00a0MGM China\u00a0<\/strong>and its parent company,\u00a0MGM Resorts International<\/strong>. The ratings agency has given both a BB- Long-Term Issuer Default Rating (IDR) with a stable outlook.<\/p>\n\n\n\n

Analysts expect\u00a0MGM’s leverage to remain steady\u00a0<\/strong>and that the company’s liquidity will be sufficient to fund its expansion plans.\u00a0It signed a BB+\/RR1 rating to MGM International’s senior secured revolver, a BB-\/RR4 rating to MGM China’s senior unsecured revolvers, and a BB-\/RR4 rating to MGM China’s senior unsecured notes.<\/p>\n\n\n\n

See also: <\/strong>MGM China cancels US$750m credit facility<\/p>\n\n\n\n

Fitch noted\u00a0MGM’s reduction of its EBITDAR leverage from 8.4x in 2021 to 5.5x in 2023. The company’s EBITDA leverage, excluding leases from debt, improved from 8.6x to 2.8x over the same period, primarily through the application of free cash flow (FCF) and asset sales proceeds to debt reduction.<\/p>\n\n\n\n

Fitch expects MGM’s future FCF generation and excess cash to support funding for growth opportunities and share repurchases. The agency also highlighted\u00a0MGM’s increasing market share in the mass market segment, growing from 9 per cent to over 15 per cent in 2023, driven by the addition of new tables and the ramp-up of MGM Cotai.<\/p>\n\n\n\n

See also:<\/strong> Fitch affirms Macau\u2019s AA rating<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch Ratings has upgraded MGM China and MGM Resorts International’s credit ratings.<\/p>\n","protected":false},"author":176,"featured_media":17968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Fitch Ratings has upgraded the credit ratings of MGM China and its parent, MGM Resorts International, to BB- with a stable outlook. This upgrade reflects significant reductions in EBITDAR and EBITDA leverage, driven by robust free cash flow generation, asset sales, and an increased mass market share in Macau. The improved financial standing enhances liquidity and supports future growth initiatives and share repurchases.","focusai_entities":"Fitch Ratings, MGM China, MGM Resorts International","focusai_location":"Macau","focusai_target_profile":"ceo_executive (1.0), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on Capital Structure","query":"How might this credit rating upgrade influence MGM Resorts International's future capital structure decisions, particularly regarding debt refinancing or potential M&A activities in new gaming verticals?"},{"label":"Macau Market Share Strategy","query":"What specific operational strategies, beyond new tables at MGM Cotai, contributed to MGM China's significant mass market share gain in Macau, and are these sustainable against competitor ramp-ups?"}],"footnotes":""},"categories":[157,16338],"tags":[1618],"class_list":["post-777014279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-mgm-china"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777014279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777014279"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777014279\/revisions"}],"predecessor-version":[{"id":777014313,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777014279\/revisions\/777014313"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17968"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777014279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777014279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777014279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}