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Rating Action:

Moody's raises Las Vegas Sands' CFR to Ba3; stable rating outlook

10 Feb 2011

New York, February 10, 2011 -- Moody's Investors Service today upgraded Las Vegas Sands Corp's (LVSC) Corporate Family and Probability of Default ratings to Ba3 from B1. All of the company's long-term debt ratings were also raised to Ba3 from B1. The company's Speculative Grade Liquidity rating was also raised, to SGL-1 from SGL-2. The ratings outlook is stable.

Ratings upgraded and LGD assessments revised:

Las Vegas Sands Corp.:

Corporate Family Rating to Ba3 from B1

Probability of Default Rating to Ba3 from B1

6.375% senior notes due 2015 to Ba3 (LGD 4, 50%) from B1 (LGD 4, 50%)

Venetian Casino Resort, LLC and Las Vegas Sands, LLC (as co-issuer):

Senior secured revolver expiring 5/2012 to Ba3 (LGD 4, 50%) from B1 (LGD 4, 50%)

Senior secured revolver expiring 5/2014 to Ba3 (LGD 4, 50%) from B1 (LGD 4, 50%)

Senior secured term loan B due 5/2014 to Ba3 (LGD 4, 50%) from B1 (LGD 4, 50%)

Senior secured term loan B due 11/2016 to Ba3 (LGD 4, 50%) from B1 (LGD 4, 50%)

Senior secured delayed draw term loan 1 due 5/2014 to Ba3 (LGD 4, 50%) from B1 (LGD 4, 50%)

Senior secured delayed draw term loan 1 due 11/2016 to Ba3 (LGD 4, 50%) from B1 (LGD 4, 50%)

Senior secured delayed draw term loan 2 due 5/2013 to Ba3 (LGD 4, 50%) from B1 (LGD 4, 50%)

Senior secured delayed draw term loan 2 due 11/2015 to Ba3 (LGD 4, 50%) from B1 (LGD 4, 50%)

Venetian Macao Limited:

Senior secured term loans to Ba3 (LGD 4, 50%) from B1 (LGD 4, 50%)

Senior secured revolver to Ba3 (LGD 4, 50%) from B1 (LGD 4, 50%)

RATINGS RATIONALE

The upgrade of LVSC's Corporate Family Rating (CFR) to Ba3 from B1 reflects Moody's view that LVSC has the ability and willingness to reduce debt/EBITDA at or below 4 times by the end of fiscal 2011. This is the leverage target established by Moody's that LVSC needed to demonstrate it could achieve in order to achieve a Ba3 CFR.

"LVSC's very strong fourth quarter 2010 results combined with Moody's expectation that these positive trends will continue, and that the company will apply its free cash flow and significant cash balances to further reduce absolute amounts of debt outstanding, support the one-notch upgrade," stated Keith Foley, Senior Vice President at Moody's. Improved net revenue and EBITDA performance from the US and Macau, along with the continued successful ramp up of Marina Bay Sands in Singapore, led to a 60% increase in consolidated net revenue and EBITDA more than doubling for the quarter.

"LVSC's consolidated Debt/EBITDA -- about 5.3 times for the latest 12-month period ended December 31 2010 -- will likely reach 4.0 times in the very near future given Moody's expectation of further revenue and earnings improvement in the U.S., Macau, and at Marina Bay Sands, the company's casino and entertainment facility located in Singapore that opened in April 2010," added Foley. Marina Bay Sands continues to exceed Moody's expectations and is on track to generate over $1 billion of EBITDA in its first full year of operations.

The upgrade of LVSC's Speculative Grade Liquidity rating to SGL-1 from SGL-2 reflects Moody's expectation of further EBITDA improvement and absolute debt reduction during the next 12-18 months. The SGL-1 also reflects LVSC's considerable consolidated cash balance and revolver availability, and reflects Moody's view that the company will remain well in compliance with all of its subsidiary level financial covenants

The stable rating outlook is based on Moody's current expectation that LVSC will generate between $2.6 billion and $2.8 billion of consolidated EBITDA in fiscal 2011, and will apply its free cash flow and significant cash balances to further and permanently reduce absolute amounts of debt outstanding. Moody's currently estimates that LVSC will generate between $1 billion and $1.5 billion of free cash flow in fiscal 2011 and fiscal 2012 combined. The stable rating outlook also considers that, while LVSC's significant cash resources and improved earnings prospects raise the possibility of a large cash dividend payment to existing shareholders, the company will not make any material cash dividend payments in the foreseeable future. Additionally, the stable outlook reflects Moody's view that LVSC will deliberately pace its development activity in a manner that maintains its current credit profile over the longer-term.

A ratings upgrade could occur if LVSC demonstrates the ability and willingness to reduce and sustain debt/EBITDA at or below 3.5 times on a gross basis. The company would also need to adhere to a conservative long-term financial policy that is consistent with a higher rating. Ratings could be lowered if we come to believe that, for any reason, LVSC will not be able to achieve and sustain consolidated debt/EBITDA at lower than 4.5 times.

The principal methodologies used in this rating were Global Gaming published in December 2009, and Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009.

Las Vegas Sands Corp. ("LVSC") owns and operates hotel and casino integrated resort facilities in Las Vegas, NV, Bethlehem, PA, Macau, China and Singapore. The company generates consolidated annual net revenue of close to $7 billion.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Keith Foley
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Andris G. Kalnins
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's raises Las Vegas Sands' CFR to Ba3; stable rating outlook
No Related Data.
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