We believe Studio City's debt covenant headroom may diminish over the next 18 months because of slower-than-expected earnings growth or lower-than-estimated gaming table allocations. We expect the opening of Studio City in late 2015 to support a material improvement in the group's financial risk profile. In our opinion, MCE Group has a willingness and ability to support Studio City in a stress scenario. We are affirming our 'BB-' long-term corporate credit rating on Studio City and 'B' long-term issue rating on Studio City Finance's senior unsecured notes. We are also affirming our long-term Greater China regional scale rating on Studio City at 'cnBB+' and on Studio City Finance's senior unsecured notes at 'cnBB-'. The stable outlook reflects our expectation that
