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Rating Action:

Moody's upgrades Melco Resorts Finance's ratings to Ba2; outlook stable

21 May 2018

Hong Kong, May 21, 2018 -- Moody's Investors Service has upgraded Melco Resorts Finance Limited's corporate family rating (CFR) and senior unsecured rating to Ba2 from Ba3.

The rating outlook is stable.

RATINGS RATIONALE

"The ratings upgrade reflects Melco Resorts Finance's solid business operations and high quality assets, which have supported its robust financial profile and strong liquidity, even during the downturn in Macao's gaming industry during 2014-2016," says Stephanie Lau, a Moody's Vice President and Senior Analyst.

"The upgrade also considers the improved credit profile of its parent Melco Resorts Entertainment, which lowers the risk of cash drainage on Melco Resorts Finance," adds Lau.

The opening of its new hotel, Morpheus in 2Q 2018, effective cost controls and the broader Macao market's recovery will allow the company to steadily increase earnings over the next 1-2 years.

Gross debt will also remain broadly flat, as the construction of Morpheus completes during 2018, lowering capital spending in the following 12-18 months.

Given these assumptions, Moody's expects Melco Resorts Finance's financial profile to remain strong, with adjusted debt/EBITDA at 1.8x-1.9x over the next 12-18 months, similar to the rate of 1.9x for 2017. Likewise, adjusted EBITDA/interest will remain solid at 9x-10x over the same period. Such levels appropriately position the company in the Ba2 rating category.

Moody's also expects a lower need for cash support from Melco Resorts Finance due to its parent's improved credit profile, which in turn, is a result of Studio City's improved business and financial profile.

In 2017, Studio City Finance's adjusted EBITDA grew 174% year-on-year to USD276 million and Moody's expects the company's adjusted EBITDA to grow further to around USD315-330 million in the next 12-18 months, driven by Macao's steady growth in gross gaming revenue (GGR) and better cost efficiency.

Moody's projects Melco Resorts & Entertainment's EBITDA/interest will register at around 3.9x-4.2x and adjusted debt/EBITDA to stay stable at 3.2x-3.3x in the next 12-18 months.

The Ba2 rating, despite Melco Resorts & Entertainment's weaker credit profile when compared with Melco Resorts Finance, also accounts for the covenant package in the Melco Resorts Finance's debt facilities, which limits the risk of potential cash leakage to its parent.

On the other hand, the company's Ba2 corporate family rating is constrained by its geographic concentration.

Melco Resorts Finance's liquidity remains strong, underpinned by a cash balance of USD837million for the end of 2017 and projected annual operating cash flow of around USD600-650 million in the next 12 months. Such cash sources are sufficient cover its short-term debt of USD44 million, capital spending and dividend payouts in the next 12 months.

Melco Resorts Finance's senior unsecured bond rating is not affected by subordination to claims at the operating company level, because the latter is not seen as material especially as we expect the majority of claims will remain at the holding company.

The stable rating outlook reflects Moody's expectation that Melco Resorts Finance will maintain its strong financial profile over the next 12-18 months, based on its premium mass-market business and prudent financial management. Moreover, Moody's does not expect the company to provide major financial assistance to its parent.

Upward pressure on the ratings could emerge if (1) Melco Resorts Finance improves its financial profile further, such that adjusted debt/EBITDA stays below 1.6x-1.8x on a sustained basis; and (2) Melco Resorts and Entertainment improves its credit metrics, such that adjusted debt/EBITDA falls below 2.0x-2.5x on a sustained basis.

The ratings could be downgraded if (1) the operating performances of Melco Resorts Finance and Melco Resorts and Entertainment significantly deteriorate, as a result of a material slowdown in Macau's gaming market or stronger-than-expected competition; (2) a major construction project is vested at Melco Resorts Finance, increasing its financial risk; or (3) Melco Resorts and Entertainment engages in significant debt-funded investments.

Metrics that will indicate a possible downgrade include adjusted debt/EBITDA in excess of 3.0x for Melco Resorts Finance and in excess of 3.5x for Melco Resorts & Entertainment.

The principal methodology used in these ratings was Gaming Industry published in December 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Melco Resorts 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 Melco Resorts Finance's operations are currently located in Macao.

Melco Resorts Finance operates two wholly owned casinos in the territory, namely, Altira Macau and City of Dreams. The company also has non-casino-based operations at its Mocha Clubs, and provides both gaming and non-gaming services to Studio City. The company reported consolidated net revenue of USD4.7 billion in 2017.

Melco Resorts and Entertainment also owns 60% of Studio City Finance Limited (B1 stable), which develops and operates the Studio City project, an integrated gaming and entertainment resort, which is located at Cotai in Macao.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

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.
© 2021 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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