S&P affirms Studio City

S&P said it affirmed its BB- long-term corporate credit rating on Studio City Co. Ltd. The outlook is negative.

The agency also affirmed the BB- long-term issue rating on Studio City's senior secured notes and the B long-term issue rating on the senior unsecured notes that Studio City guarantees. Studio City Finance Ltd. issued the senior unsecured notes.

S&P also lowered its long-term Greater China regional scale rating on the Macau-based casino operator and its senior secured notes to cnBB from cnBB+ and on the senior unsecured notes to cnB+ from cnBB- and removed all the ratings from CreditWatch, where S&P had placed them with negative implications on Dec. 19.

“We affirmed the ratings on Studio City in tandem with our rating action on Melco Crown (Macau) Ltd. (Melco Crown) earlier today,” said S&P credit analyst Sophie Lin in a news release.

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