...HONG KONG (S&P Global Ratings) May 9, 2017--S&P Global Ratings said today that its ratings and outlook on Melco Crown (Macau) Ltd. (Melco Crown: ##/Negative/--; cnBB+/--) are not affected by a proposed share repurchase by Melco Crown's parent Melco Resorts & Entertainment Ltd. (MLCO). MLCO plans to purchase all its remaining shares (about 11.2% of the total outstanding ordinary shares) solely held by Crown Resorts Ltd. (Crown) by using the net proceeds from issuing approximately the same number of ordinary shares. The transaction is likely to be completed on May 15, 2017, after which Crown will no longer hold any stake in MLCO. The proposed share issuance and concurrent repurchase will not affect MLCO group's cash flows because it is funded by equity. The transactions will also not affect Melco International Development Ltd.'s (Melco International) shareholding in MLCO, which will remain at 51.2%. We continue to view Melco Crown as the most important cash-generating asset of its intermediate...
