Skycity has a significant capital investment program over the next three-to-five years associated with major developments in Auckland and Adelaide. Despite the funding requirements of this development program, we expect the group to proactively manage its financial risk profile during the peak of this investment in line with expectations for the rating. Accordingly, we have affirmed the 'BBB-' rating on Skycity. The outlook remains stable. At the same time, we have lowered our liquidity assessment on Skycity to "adequate" from "strong", reflecting the expected ramp-up in capital expenditure over the next 24-36 months. On June 2, 2015, Standard&Poor's Ratings Services affirmed its 'BBB-' issuer credit rating and related debt issue ratings on SKYCITY Entertainment Group Ltd. The outlook
