...+ We still expect Macau's gaming industry to stabilize over the next six to 12 months, but the starting point for a material recovery is not yet clear. + In our view, the credit profile of MCE, Melco Crown's parent, should improve with the full-year contribution of Studio City. We maintain our consolidated view of the MCE group when analyzing the credit profile of Melco Crown. + We are affirming our '##' long-term corporate credit rating and 'cnBBB-' long-term Greater China regional scale rating on Melco Crown. We are also affirming our '##-' long-term issue rating and 'cnBB+' long-term Greater China regional scale rating on the senior unsecured notes that the company guarantees. + The stable outlook reflects our expectation that MCE's debt-to-EBITDA ratio will remain comfortably below 4.0x over the next 12 months. However, we see risks of a slower ramp-up of Studio City, due to weak demand and intense competition. HONG KONG (Standard & Poor's) April 21, 2016--Standard & Poor's Ratings...
