Our ratings on Studio City have been on CreditWatch with negative implications since Feb. 6, 2020, amid the uncertainty surrounding the duration of COVID-19-related restrictions that have battered Macau's gaming and tourism industries. (see "Melco Resorts And Studio City Ratings Remain On CreditWatch Negative Amid Continued Travel Restrictions," published April 20, 2020, on RatingsDirect). We aim to resolve the CreditWatch status when we have more information on the extent and impact of COVID-19. If the pandemic is not contained and if we believe travel restrictions will extend well into the third quarter, we may lower the ratings. That will also likely mean MLCO won't be able to reduce its debt leverage to 3.5x by 2021. China's real GDP to grow