Skip to comments.Fitch cuts MGM Mirage, warns debt exchange likely
Posted on 03/24/2009 9:30:09 AM PDT by SvenMagnussen
Fitch Ratings on Monday cut its ratings on MGM Mirage (MGM.N) to one step above default and warned a distressed debt exchange of the casino operator's bonds "appears imminent or inevitable."
Fitch cut MGM's debt rating three notches to 'C', an extremely speculative grade, from "CCC", and said it was unable to give an outlook because of the debt's high level of risk.
MGM last week reported a fourth-quarter loss of $1.15 billion and said its banks had agreed to waive debt covenants through May 15. Earlier in March, it warned that auditors had substantial doubt about the company's ability to continue as a going concern.
(Excerpt) Read more at reuters.com ...
Wasn’t there an outfit from Abu Dhabi ready to invest in MGM Mirage?