<div id="subtitle">Moody's reviewing its debt ratings for MGM Mirage for possible upgrade</div><div><p>Moody's Investors Service said Monday it's reviewing MGM Mirage's debt ratings for possible upgrade after the casino operator said it wants to push back the maturity dates on some $5.55 billion of debt by more than two years.</p><p>Moody's said it is reviewing five ratings for MGM Mirage, including its "Caa2" corporate family rating and its "Caa3" probability of default rating. Moody's also is reviewing two ratings for Mandalay Resort Group, which MGM Mirage acquired in 2005.</p><p>MGM Mirage said Monday it wants final approval from lenders by Feb. 24 on extending the maturity of a "substantial portion" of the credit agreements to Feb. 21, 2014, from Oct. 3, 2011.</p><p>MGM Mirage Chief Financial Officer Dan D'Arrigo said in a statement that the company has already received "strong initial support" from some lenders and is seeking approval from others.</p><p>If approved, $1.4 billion of the revolving loans and commitments would be converted into term loans.</p><p>The transaction would let MGM Mirage issue more secured debt.</p><p>Moody said its ratings review will focus on the specifics of the agreement and a challenging operating environment in Las Vegas. It also will look at the potential divestiture of the company's interest in the Borgata Hotel Casino & Spa in Atlantic City and a possible Macau initial public offering.</p><p>The credit agreement, if approved, "would be a positive step forward for MGM with respect to near-term financial flexibility as well as its longer-term ability to remain viable as a going concern," said Peggy Holloway, a Moody's vice president.</p><p>Shares fell 12 cents to $10.82.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=68708493&bid=informcom" /></div><div id="copyright"><div>

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