Fitch added that it believes all three will "continue to operate in Macau for a long time." Las Vegas Sands ' current rating is "BBB-", which is the lowest "investment grade" level, as its business or financial conditions may "no longer meet investment grade" in terms of ratings. Meanwhile, Fitch said that the domestic credit status of MGM Resorts is consistent with the "BB-" issuer's default rating, thanks to its fully restored US business – Macau contributes less to its annual cash flow (about 20 per cent). As regards SJM Holdings, analysts said the casino operator remains on track to refinance its existing bank loans, which will expire at the end of February 2022, with a new loan line of HKD19.0bn (US$2.44bn). Fitch Ratings stated: "Fitch views the possibility of incumbent concession holders failing to secure a new concession as low, though the risk should not be ignored.