CHICAGO, May 26 /PRNewswire/ -- Duff & Phelps Credit Rating Co. (DCR) has
withdrawn its 'BBB' (Triple-B) rating on Mirage Resorts' (NYSE: MIR) senior
debt securities as well as the commercial paper rating of 'D-2' (D-Two). The
withdrawal is in anticipation of MGM Grand's (NYSE: MGG) acquisition of MIR,
which is expected to be approved by MIR shareholders on May 30.
DCR placed MIR's ratings on Rating Watch-Down on February 23, 2000
following the public disclosure that MGG had offered to acquire MIR for $5.5
billion, including debt assumption. While this transaction was subsequently
rejected by MIR's board of directors, the companies ultimately reached a
merger agreement for an all cash transaction valued at roughly $6.4 billion,
including the assumption of MIR's $2 billion in debt.
MIR's public debt will remain outstanding and MIR will become a subsidiary
of MGG. However, since DCR has not been engaged to rate the debt of MGG, the
ratings on MIR's outstanding debt have been withdrawn.
SOURCE Duff & Phelps Rating Co.
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Related links:
http://www.dcrco.com
CONTACT:
Steven P. Altman, CPA, 312-368-2090, or Eric
Stephenson, 312-908-0859, both of DCR
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