...HONG KONG (S&P Global Ratings) July 11, 2016--S&P Global Ratings said today that its corporate credit ratings on Melco Crown (Macau) Ltd. (Melco Crown: ##/Stable/--; cnBBB-/--) and the long-term issue rating on its senior unsecured notes (##-; cnBB+) are not affected by the company's proposed amendment to the change of control provision in the US$1.0 billion notes due 2021. MCE Finance Ltd. is the issuer and Melco Crown guarantees the notes. In our view, if more than 50% of bondholders accept the consent solicitation, it will remove any overhang risk on the company's liquidity position due to the spinoff. Melco Crown is seeking the consent of bondholders in order to accommodate Crown Resorts Ltd.'s (Crown) proposed spinoff of its stake in Melco Crown Entertainment (MCE), Melco Crown's parent company, into a new entity. Without amendment of the terms, the spinoff could breach the change of control provision and could lead to a mandatory repurchase of the outstanding notes if the credit ratings...
