Fitch Ratings upgrades MGM Resorts

• Fitch Ratings upgrades the default rating on MGM Resorts (NYSE:MGM) to BB from B+ on a Stable outlook.
• A key factor in the revision is MGM's focus on achieving a 5.0X leveraging goal by reducing debt. Strong trends in Las Vegas and proceeds from the sale of the Crystal mall and MGM Growth properties IPO are helping the company in that regard.
• Fitch says it views MGM's development pipeline favorably, especially the MGM National Harbor property which is scheduled to open in December of 2016.
• Full Fitch report on MGM China