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 continue to take a consolidated view of the MCE group when analyzing the credit profile of Melco Crown. We are affirming our 'BB' long-term corporate credit rating and 'cnBBB-' long-term Greater China regional scale rating on Melco Crown. We are also affirming our 'BB-' 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 credit profile will improve over the next 12 months with the ramping up of
