S&P lifts Melco Resorts notes

S&P said it reviewed the senior unsecured issue-level ratings for Melco Resorts Finance Ltd. that were labeled as under criteria observation (UCO) after publishing its revised issue ratings criteria.

With the criteria review complete, S&P said it is removing the UCO designation from this rating and raising the rating on Melco Resorts Finance's $1 billion senior unsecured notes to BB from BB-.

This rating action stems solely from the application of the revised issue rating criteria and does not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, S&P explained.

The action takes into consideration Melco Resorts Finance's capital structure, which consists of $1 billion senior unsecured notes and about $460 million senior secured credit facilities borrowed by its operating subsidiaries.

S&P said it rates the senior unsecured notes at BB, the same as the corporate credit rating on Melco Resorts (Macau) Ltd. because the risk of subordination is not significant.

Melco Resorts Finance is a financing subsidiary of Melco International Development Ltd., the agency noted.

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