S&P affirms credit ratings on LV Sands
Wednesday, March 8, 2000 | 11:16 a.m.
Standard & Poor's removed the Venetian and parent company Las Vegas Sands Inc. from CreditWatch, citing expectations that "positive operating trends will continue into the first quarter of 2000."
The Venetian had been placed on CreditWatch in August with negative implications -- meaning the agency had been considering downgrading the Venetian's bond ratings. S&P's move means the Venetian's corporate credit rating will remain at current levels.
The move affected the ratings on $805 million in outstanding debt.
S&P said the affirmation of the Venetian's credit ratings reflects the stronger fourth-quarter performance of the Venetian, which is expected to continue through the early part of this year. S&P noted the strength of the company's convention-oriented business model, the resort's good location on the Strip, its critical mass of restaurants and retail locations and high quality room product.
However, S&P still noted concerns over the company's "burdensome" capital structure, limited liquidity and litigation with contractor Lehrer McGovern Bovis. Because of these concerns, S&P's ratings outlook on the resort remains negative; however, the agency said this could be improved to stable by improved cash flows or the resolution of the Bovis lawsuit.
S&P currently assigns a corporate credit rating of "B" to the Venetian, a rating considered below investment grade.
archive
- Most Read
- Discussed
- Most E-mailed
- ‘Stripper-mobile’ with live dancers raises safety, decency concerns
- Report: State’s economy worse off than any other
- Freddie Roach: Miguel Cotto not the same since knockout
- Rebels survive scare from Division-II Washburn
- Study cites challenges of Nevada’s financial problems
- Tourism companies embrace social media strategies
- Fans float replacement for UNLV football coach
- Six search warrants served on Hells Angels
- Analysts say Dean Heller’s arguments on health care don’t add up
- County budget cuts expected, but how much?
Blogs
Top Chef: Las Vegas
The Jet Stream: The three stages of chefdom
Miech Again
Rebels rookie Lopez says redshirting is his best move (11 Comments)
Politics: Ralston's Flash
Lawsuit filed to block "personhood" initiative
Elsewhere
Rumors of Matt Hughes v. Renzo Gracie
The Kats Report
Ten minutes with Chelsea Handler is better than no minutes with Chelsea Handler (2 Comments)
Business Notebook
Meeting cancellations prompting suits; economic diversification vs. growth
Now and Then
Antoine Walker doesn't know when to hold or fold 'em (1 Comment)
Calendar »
- 12 Thu
- 13 Fri
- 14 Sat
- 15 Sun
- 16 Mon
-
Las Vegas Wranglers vs. Utah Grizzlies
Orleans Hotel-Casino
-
Lily Tomlin at the Hollywood Theatre
Hollywood Theatre at MGM Grand
-
Leonard Cohen at The Colosseum
The Colosseum | 8 p.m. to 11 p.m.
-
Football specials at Diablo's
Diablos Cantina
The Sun
Locally owned and independent for more than 50 years.
Technorati











