VICI Properties L.P. announced that Moody’s Investors Service, Inc. upgraded its issuer credit rating to ‘Baa3’ from ‘Ba1’, with a stable outlook. This upgrade marks a significant milestone, solidifying VICI's investment-grade credit status across all three major rating agencies. The company's Chief Financial Officer, David Kieske, stated that this achievement is expected to positively impact VICI's cost of and access to capital.
Moody's cited VICI's dominant size and scale, resilient operating cash flow, good liquidity, and disciplined financial policy as key factors for the upgrade. These attributes reflect the company's strong financial foundation and its ability to manage its balance sheet effectively since its inception. The upgrade enhances VICI's financial flexibility and its capacity to pursue future growth opportunities.
A lower cost of capital can lead to more accretive investments and further strengthen the company's position in the experiential real estate market. This improved financial standing is a testament to VICI's strategic journey to fortify its financial foundation, a process significantly accelerated by the acquisition of MGM Growth Properties in April 2022.
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