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Moody’s rates Melco notes Ba2
Moody’s Investors Service said it assigned a Ba2 rating to the proposed senior dollar notes to be issued by Melco Resorts Finance Ltd. (Ba2 stable). The outlook is stable.
The company plans to use the note proceeds to partially repay the principal amount outstanding under the 2015 revolving credit facility at its subsidiary Melco Resorts (Macau) Ltd.
“The Ba2 rating reflects the established operations and high-quality assets of the group under the parent Melco Resorts & Entertainment Ltd. (MRE), which support its robust cash flow generation and good liquidity,” Sean Hwang, Moody's analyst, said in a news release.
“These strengths are counterbalanced by MRE group's high geographic concentration in the Macau gaming market as well as its increasingly aggressive growth strategy, as demonstrated by its recently announced acquisitions.”
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