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Moody’s downgrades $7.8 billion of MGM Mirage’s debt

By HOWARD STUTZLAS VEGAS REVIEW-JOURNAL
March 19, 2009 - 12:02 pm
 

Moody’s downgraded $7.8 billion of MGM Mirage’s debt Thursday, saying the two-month waiver the casino operator received this week from its lenders to avoid a convenant default, was not enough time to negotiate a restructuring.

MGM Mirage is also required to repay $300 million, which is a portion of the casino operator’s revolving credit facility.

“Because of these factors, there is a rising probability that as part of a restructuring MGM Mirage will have to offer to exchange existing debt for an amount below par as part of any plan to alleviate its liquidity crunch,” said Peggy Holloway, Moody’s senior analyst.

The new rating is viewed as “poor quality.”

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