Standard & Poor’s lowered its corporate credit and issue-level ratings on MGM Mirage, citing concerns about the casino operator’s debt covenants. The stock price fell nearly 26 percent at one point during the day. Shares of MGM Mirage on Friday fell to a historic low on the New York Stock Exchange based on the filing, closing at $3.50, down 95 cents, or 21.35 percent. MGM Mirage spokesman Alan Feldman said the money would be used as “operating funds.” MGM Mirage has $4.5 billion in its revolving credit facility. In a filing with the Securities and Exchange Commission, the company said the borrowing was done “in light of the continuing instability in the capital markets and uncertain state of the global economy.” An announcement Friday that MGM Mirage tapped into its revolving line of credit to borrow $842 million for general corporate purposes led three credit rating services to devalue the company’s bonds and sent the casino operator’s stock price to an all-time low.
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