Foreign Currency: B+/Stable/-- Local Currency: B+/Stable/-- Greater China Regional Scale: cnBB/-- We assess the stand-alone credit profile of Studio City Co. Ltd. to be 'b'. The long-term rating on Studio City is one notch higher than the company's stand-alone credit profile to reflect our expectation of some support from Melco Crown Entertainment Ltd. (MCE). Studio City is the group's major operating asset and a strategically important subsidiary of MCE, owns 60% stake in the company. We consider MCE's consolidated financial position when analyzing the credit profile of Studio City. MCE wholly owns Melco Crown Gaming (Macau) Ltd. Studio City Project will be operated by Melco Crown Gaming under its sub-concession. Significant construction and execution risks. Exposure to single-property risk. Good
