SKYCITY Entertainment Group Ltd. Ratings Affirmed At 'BBB-'; Outlook Remains Stable

We expect Skycity to manage the developments of its major growth projects over the next few years while maintaining its robust operating performance. The recent NZ$263 million equity raising provides stronger liquidity over the next 12-24 months and additional headroom within its credit metrics during the height of the development program. As a result, we have revised our assessment of the company's liquidity profile to strong from adequate. We have also affirmed the 'BBB-' ratings on Skycity and its related debt issues. The outlook remains stable, reflecting our expectation that the company will effectively manage its major developments in Auckland and Adelaide within ratings tolerances over the next few years. MELBOURNE (S&P Global Ratings) June 17, 2016--S&P Global Ratings said

...+ We expect Skycity to manage the developments of its major growth projects over the next few years while maintaining its robust operating performance. + The recent NZ$263 million equity raising provides stronger liquidity over the next 12-24 months and additional headroom within its credit metrics during the height of the development program. + As a result, we have revised our assessment of the company's liquidity profile to strong from adequate. + We have also affirmed the '###-' ratings on Skycity and its related debt issues. + The outlook remains stable, reflecting our expectation that the company will effectively manage its major developments in Auckland and Adelaide within ratings tolerances over the next few years. MELBOURNE (S&P Global Ratings) June 17, 2016--S&P Global Ratings said today that it had affirmed its '###-' ratings on SKYCITY Entertainment Group Ltd. (Skycity) and the company's related debt issues. The outlook on the rating remains stable. The affirmation is based on...

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