We expect the strong operating cash flow of the Melco International group to provide a buffer for potentially continuous high shareholder returns or capital investment of the group over the next 12 months. Melco Crown is the key subsidiary for MLCO, which is in turn Melco International's core cash-generating subsidiary. We are affirming our 'BB' long-term corporate credit rating and our 'cnBB+' long-term Greater China regional scale rating on Melco Crown. We are also affirming our 'BB-' long-term issue rating and our 'cnBB' long-term Greater China regional scale rating on the senior unsecured notes that Melco Crown guarantees. The negative outlook reflects our view that Melco International group has limited financial buffer at the current rating level over the next
