Studio City Co. Ltd.'s (Studio City's) liquidity has improved after the company refinanced its HK$10.86 billion senior credit facilities on Nov. 30, 2016. We are revising the outlook on the long-term corporate credit rating on the Macau-based casino operator to stable from negative. We are affirming our 'BB-' long-term corporate credit rating on Studio City, 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. In line with the outlook revision, we are raising our long-term Greater China regional scale rating on Studio City and its senior secured notes to 'cnBB+' from 'cnBB' and on the senior unsecured notes to 'cnBB-' from 'cnB+'. The
