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S&P affirms Melco Resorts, Studio City
S&P said it affirmed its BB long-term issuer credit rating on Melco Resorts (Macau) Ltd. (MRM) and the BB- long-term issuer credit rating on Studio City Co. Ltd.
S&P removed all ratings on MRM and Studio City from CreditWatch, where they were placed with negative implications on Feb. 6.
The outlook is negative.
“We affirmed our ratings on MRM and Studio City because we believe MLCO [Melco Resorts & Entertainment Ltd.] is on the path to recovery, given the recent easing of travel and other restrictions in Macau and the Philippines.
“However, we assign a negative outlook to our ratings to reflect the downside risks to MLCO's earnings.”
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