OREANDA-NEWS. S&P Global Ratings today said it raised its corporate credit rating on Atlantic City, N. J.-based Marina District Development Co. LLC (MDDC, dba Borgata) to 'BB-' from 'B+'. The outlook is stable.

We subsequently withdrew all our ratings on MDDC.

"The one-notch upgrade reflects the completion of the acquisition by MGM Resorts International and our view that MDDC is a core subsidiary of MGM," said S&P Global Ratings credit analyst Stephen Pagano.

The assessment is driven by our view that Borgata is integral to MGM's future strategy as the asset increases diversity outside Las Vegas, bolsters MGM's presence on the East Coast, and adds to its database under the MLife loyalty program. We expect the Borgata to complement MGM's planned resorts in National Harbor, Md., and Springfield, Mass., creating a cluster of regional properties that will allow MGM to use its loyalty program and Las Vegas resorts to market to regional customers.

The subsequent withdrawal of all ratings reflects the completion of the acquisition, which resulted in the repayment of all of MDDC's debt.