Summary: Studio City Co. Ltd.

Significant execution risk to ramp up the new casino. Exposure to single-property risk. Weak short-term growth prospects and intense competition in the gaming industry in Macau. Strategically important subsidiary of MCE group. High debt leverage Low EBITDA interest coverage. Likely positive operating cash flows with the ramp-up of the newly opened casino. Adequate liquidity over the next 12 months. The stable outlook on Studio City Co. Ltd. reflects our expectation that the company will generate positive operating cash flow and maintain adequate liquidity position over the next 12 months. We expect the company's leverage to remain high, but reducing, with the ramp-up in operations after the opening of its new casino in October 2015. The outlook also factors in our

...Outlook: Stable The stable outlook on Studio City Co. Ltd. reflects our expectation that the company will generate positive operating cash flow and maintain adequate liquidity position over the next 12 months. We expect the company's leverage to remain high, but reducing, with the ramp-up in operations after the opening of its new casino in October 2015. The outlook also factors in our belief of ongoing managerial support and extraordinary financial support from MCE Group, although Studio City's debt is nonrecourse to MCE Group....

Summary