We expect Studio City to renegotiate the covenants of its credit facilities within the next six months, if required, to maintain an adequate level of covenant headroom. We anticipate that Studio City will generate positive operating cash flows over the next 12 months, despite the tough operating conditions in Macau. We are affirming our 'BB-' long-term corporate credit rating and 'cnBB+' long-term Greater China regional scale rating on Studio City, a Macau-based gaming company. We are also affirming our 'B' long-term issue rating and 'cnBB-' long-term Greater China regional scale rating on Studio City Finance's senior unsecured notes. The stable outlook reflects our expectation that Studio City will generate positive operating cash flows and maintain adequate liquidity over the next
