Melco Crown 'BB' And Studio City 'BB-' Ratings Affirmed; Outlook Stable

We expect the operating conditions in Macau to remain tough over the next 12 months. However, we believe the credit profile of Melco Crown's parent will improve with the opening of Studio City. We expect Studio City to renegotiate the covenants of its credit facilities within the next six months, if required, to maintain an adequate level of covenant headroom. We are affirming our 'BB' long-term corporate credit rating on Melco Crown with stable outlook. We are also affirming our 'BB-' long-term issue ratings on the senior unsecured notes that the company guarantees. We are affirming our 'BB-' long-term corporate credit rating on Studio City with stable outlook. We are also affirming our 'B' long-term issue rating on Studio City

...+ We expect the operating conditions in Macau to remain tough over the next 12 months. However, we believe the credit profile of Melco Crown's parent will improve with the opening of Studio City. + We expect Studio City to renegotiate the covenants of its credit facilities within the next six months, if required, to maintain an adequate level of covenant headroom. + We are affirming our '##' long-term corporate credit rating on Melco Crown with stable outlook. We are also affirming our '##-' long-term issue ratings on the senior unsecured notes that the company guarantees. + We are affirming our '##-' long-term corporate credit rating on Studio City with stable outlook. We are also affirming our 'B' long-term issue rating on Studio City Finance's senior unsecured notes. HONG KONG (Standard & Poor's) Nov. 2, 2015--Standard & Poor's Ratings Services said today that it had affirmed its '##' long-term corporate credit rating on Melco Crown (Macau) Ltd. The outlook is stable. We also affirmed...

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