We believe that strong operating cash flows from Melco Resorts' parent MLCO will provide a sufficient financial buffer against the group's potential high dividend payouts and capital investments over the next 12 months. We are revising the outlook on the long-term corporate credit rating on Melco Resorts to stable from negative. We are affirming our 'BB' long-term corporate credit rating on Melco Resorts and our 'BB' long-term issue rating on the senior unsecured notes that Melco Resorts Finance issued. The stable outlook on Melco Resorts reflects our expectation that MLCO will maintain its good market position and sustain the debt-to-EBITDA ratio at 2.3x-2.8x over the next 12 months, despite likely more intense competition and high capital spending. On Nov. 8,
