NYSE:LVSHospitality
Las Vegas Sands Credit Upgrade Reshapes Debt Costs And Investor Trade Offs
S&P Global Ratings upgraded Las Vegas Sands (NYSE:LVS) and its Macau unit to BBB from BBB-.
The upgrade follows what S&P described as a disciplined financial policy, limited new development plans, and a recovery in Macau operations.
Soon after the upgrade, Las Vegas Sands issued US$1b in new senior notes intended to refinance existing debt on improved terms.
S&P also pointed to the potential for higher shareholder rewards, including the possibility of further share buybacks.
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