EFTA Document EFTA01385369

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite With this report we are reaffirming our Buy rating on the WYNNMAC 4.875% Senior Unsecured Notes due 2024 ($100.3, 4.8% YTW, 264bps STW) and WYNNMAC 5.5% Senior Unsecured Notes due 2027 ($101.1. 5.1% YTW, 273bps STW) given our belief that these notes are trading at attractive levels based on relative value. For 2017, we are projecting Wynn Resorts will generate Adjusted EBITDA of $1.64 billion (+44.5% versus $1.1