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 '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 debt-to-EBITDA ratio
