We believe MCE group's credit profile has not been materially weakened by its ultimate parent's proposed debt-funded share purchase. Studio City is a strategically important subsidiary of the MCE group. We are affirming our 'BB-' long-term corporate credit rating on Studio City. We are also affirming our 'BB-' long-term issue rating on the company's senior secured notes and our 'B' long-term issue rating on the senior unsecured notes that Studio City guarantees. At the same time, we are lowering our long-term Greater China regional scale rating on the company and its senior secured notes to 'cnBB' from 'cnBB+' and on the senior unsecured notes to 'cnB+' from 'cnBB-'. We are removing all the ratings from CreditWatch with negative implications. The
