Las Vegas Sands (LVS) Moves Closer to Investment Grade at S&P

Standard & Poor's raised its corporate credit rating on the Las Vegas Sands (NYSE: LVS) today to 'BB-' from 'B', moving the casino operator closer into investment grade which would be 'BBB.'

S&P credit analyst Ben Bubeck said the upgrade, "reflects much stronger-than-anticipated operating performance at the Marina Bay Sands property in Singapore, which posted approximately $238 million in adjusted EBITDA during the quarter ended Sept. 30, 2010."

Strong cash flows at this property has bolstered LVSC's liquidity profile and strengthened overall credit measures, S&P said.

S&P has a 'stable' outlook on the credit rating, saying the company has a track record of making significant debt-funded capital investments pursuing growth opportunities in new gaming markets. This could limit additional rating upside.

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