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Bulletin: Melco Crown Gaming (Macau) Ltd. Rating Not Immediately Affected By Proposed Renminbi Bond Offering
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
HONG KONG (Standard & Poor's) April 27, 2011--Standard & Poor's Ratings Services said today that its rating and outlook on Melco Crown Gaming (Macau) Ltd. (BB-/Stable/--) are not immediately affected by the proposed issue of renminbi-dominated senior unsecured bonds (about US$350 million) by its parent, Melco Crown Entertainment Ltd. (MPEL). In our view, the proposed transaction would improve Melco Crown's liquidity position and financial flexibility. Despite the increase in debt, the company's financial strength is still in line with the current 'b+' standalone credit profile. We expect MPEL's adjusted total debt-to-EBITDA ratio to stay at less than 5.0x over the next 12 months. According to management, MPEL will use the proceeds to fund potential growth and expansion opportunities, which may...
Companies mentioned in this report are: Melco Crown Gaming (Macau) Ltd.
Action: Bulletin
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