The agency pointed to robust free cash flow prospects and the continued strength of Marina Bay Sands in Singapore as key supports, even as Macau’s sluggish recovery tempers momentum.
“Sands benefits from scale, competitive positioning, and solid cash generation,” Fitch noted, adding that these are offset by heavy capital spending and potential weakness in China’s economy. The rating was restored to investment grade in February 2024, nearly two years after being cut to junk status during the pandemic.
Leverage and Liquidity
Fitch projects Sands’ EBITDA leverage will be around 3.5x, suggesting that a sustainable drop below this threshold could trigger an upgrade. Liquidity remains strong with $4.2 billion in cash and substantial credit facility access. The agency also praised Sands’ prudent balance sheet management and clear communication of leverage goals to investors.
Despite share buybacks and dividend growth, Fitch expects free cash flow to comfortably cover shareholder returns and service Sands China’s upcoming debt maturities.
$9 Billion Financing Milestone
Highlighting its credit strength, Sands recently secured $9 billion in financing for Marina Bay Sands upgrades — one of the largest corporate credit deals in Singapore’s history. Fitch said improved leverage and greater geographic diversification could pave the way for a future rating boost.
Currently, Sands operates six integrated resorts — five in Macau and Marina Bay Sands — and is exploring expansion opportunities in New York City, Texas, and Thailand.
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