trouble generating enough cash flow to justify its current capital structure.

The rating agency on Monday gave the casino complex owned by MGM Resorts International and Dubai World a "B-" corporate credit rating.

The agency says a recent offering of $1.5 billion in new notes only modestly offsets CityCenter's risks.

CityCenter issued $900 million in notes due 2016 and $600 million in notes due 2017, using the proceeds to pay down its existing debt and extend its due dates.

Standards & Poor's gave the notes due 2016 a "B'' issue-level rating and the notes due 2017 a "CCC" rating.

The agency says holders of the notes due in 2017 can expect negligible recovery.

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