Summary: Melco Crown Gaming (Macau) Ltd. Dec 11
- ID: 2030986
- December 2011
- Region: Macau
- Standard & Poors
The rating on Melco Crown Gaming (Macau) Ltd. reflects the company's aggressive, albeit strengthening, financial risk profile, execution and funding risks associated with the group's growth strategies, and the company's reliance on the Chinese market for the bulk of its customers. Melco Crown's position as one of six casino concession and sub-concession holders in Macau, strong and growing cash flow generation from its existing properties, and its strong parent sponsors temper these weaknesses. The good growth prospects of Macau's gaming market also bolster the rating. Melco Crown's stand-alone credit profile is 'b+'. The overall rating is one notch higher to reflect expected support from one of the company's parents, Australia-based Crown Ltd. (Crown: BBB/Stable/A-2). We consider Melco Crown to be...
Companies mentioned in this report are: Melco Crown Gaming (Macau) Ltd.,Crown Ltd.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
SHOW LESS READ MORE >