...HONG KONG (S&P Global Ratings) June 16, 2016--S&P Global Ratings said today that its ratings on Melco Crown (Macau) Ltd. (Melco Crown: ##/Stable/--; cnBBB-/--) are not immediately affected by Crown Resorts Ltd.'s proposed demerger of its international investments, including its shareholding in Melco Crown Entertainment Ltd. (MCE), Melco Crown's parent company. We take a consolidated view of the MCE group when rating its subsidiary, Melco Crown. In our view, Crown's proposed spin-off of its 27.4% stake in MCE to a separately listed entity is at the initial stage and is unlikely to alter the interest of Consolidated Press Holdings Ltd. (CPH), the ultimate parent of Crown, in MCE. Our current ratings on Melco Crown reflect potential strategic and operational support from the CPH group to MCE. There is no explicit rating uplift for extraordinary support from the CPH group, under our group rating methodology. Currently, Crown owns 27.4% in MCE, reduced from 34.3% on May 4, 2016. Melco Crown's...
