S&P rates Melco Resorts notes BB

S&P said it assigned a BB long-term issue rating to the dollar-denominated senior unsecured notes that Melco Resorts Finance Ltd. proposes to issue.

The proceeds will be used to repay part of the principal amount outstanding under its senior secured revolving credit facility, S&P said.

The agency said it rated the notes the same as the long-term issuer credit rating on Melco Resorts (Macau) Ltd.

That is because Melco Resorts (Macau) the core operating subsidiary and major driver of the group's credit profile, S&P explained.

Melco Resorts Finance is one of the financing subsidiaries of Melco International Development Ltd., which is the ultimate parent of Melco Resorts (Macau), the agency said.

S&P said it believes the risk of subordination is insignificant in Melco Resorts Finance's capital structure.

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