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Announcement:

Moody's: MCE Finance's ratings unaffected by Crown's exit from JV with Melco International

10 May 2017

Hong Kong, May 10, 2017 -- Moody's Investors Service says that MCE Finance Limited's Ba3 corporate family rating and stable rating outlook are unaffected by Crown Asia Investments Pty. Ltd's (unrated) exit as a joint venture shareholder of US-listed Melco Resorts and Entertainment Limited (unrated).

Melco Resorts and Entertainment is the parent of MCE Finance. Crown Asia, the seller, is a wholly owned subsidiary of Crown Resorts Limited (Baa2 stable).

On 8 May, Melco Resorts announced that it will repurchase Crown Asia's remaining 11.2% shareholding, funded solely with proceeds from the offering of approximately the same number of shares by Melco Resorts. Upon completion of Melco Resorts' share offering and its concurrent repurchase of Crown's remaining shares on 15 May, subject to certain customary closing conditions, Melco International's ownership in Melco Resorts will remain unchanged at 51.2%.

Melco Resorts will own most of the gaming projects, while Hong Kong-listed Melco International will function largely as a holding company for Melco Group's major gaming interests.

"Moody's believes that the share purchase will have no impact on the credit profile of MCE Finance or its ultimate parent Melco International, given that the share repurchase is fully funded from the concurrent equity share offering," says Stephanie Lau, a Moody's Vice President and Senior Analyst.

Moody's also expects MCE Finance's current management and financial practices will remain unchanged.

In addition, the change in shareholding will not trigger any change of control provisions within MCE Finance's senior unsecured notes. The change of control clause requires the sponsors -- namely Melco International Development and Crown Resorts Limited -- to collectively own at least 30% of the outstanding capital stock of Melco Crown Entertainment.

The principal methodology used in these ratings was Global Gaming Industry published in June 2014. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

MCE Finance Limited is a wholly-owned subsidiary of Melco Resorts and Entertainment, which is in turn owned by the Hong Kong-listed Melco International Development Ltd. All of MCE Finance's operations are currently located in Macau.

Through Melco Crown Gaming, MCE Finance operates two wholly-owned casinos in the territory, namely, Altira Macau and City of Dreams. It also has non-casino based operations at its Mocha Clubs, and provides both gaming and non-gaming services to Studio City.

The company is currently developing Morpheus, the fifth hotel tower at City of Dreams in Cotai, Macau.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Stephanie Lau
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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