We believe MCE Group has a strong willingness and ability to financially support Macau-based gaming company Studio City in a stress scenario. We now consider Studio City to be a "strategically important" subsidiary of the MCE Group. We are raising our long-term corporate credit rating on Studio City to 'BB-' from 'B+'. We are also raising the long-term issue rating on the senior notes that Studio City Finance issued to 'B' from 'B-'. The stable outlook reflects our expectation that the Studio City project will be on budget and its opening will not be significantly delayed. We expect the company to remain highly leveraged over the next 12 months. On April 30, 2014, Standard&Poor's Ratings Services raised its
