Moody's rates Melco notes B1

Moody's Investors Service said it assigned a provisional B1 rating to the dollar bonds proposed by MCE Finance Ltd. and affirmed the Ba3 corporate family rating and B1 senior rating of MCE Finance and the Ba3 secured loan rating of Melco Crown Gaming (Macau) Ltd. MCE Finance is wholly owned by Melco Crown Entertainment Ltd. The outlook is stable.

MCE Finance plans to use the bond proceeds to redeem its $600 million of existing bonds and to repay part of Melco Crown Entertainment's RMB 2.3 billion bonds.

Moody's said MCE Finance's Ba3 corporate family rating continues to reflect its stable gaming operation through Melco Crown Gaming.

On the other hand, the rating is constrained by the group's geographic concentration and heavy reliance on the operations of its two major properties, the agency added.

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