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Melco Resorts Finance Limited -- Moody's affirms Melco Resorts Finance's ratings following acquisition of Cyprus project; outlook stable

Moody's Investors Service has affirmed Melco Resorts Finance Limited's (MRF) Ba2 corporate family rating as well as the Ba2 senior unsecured ratings on the company's $1 billion senior unsecured notes due 2025 and $500 million senior unsecured notes due 2026. "The rating affirmation mainly reflects the financial flexibility that the Melco group has to absorb future capital spending for the development of the Cyprus project," says Sean Hwang, a Moody's Analyst. "However, this development, together with the announced acquisition of a 19.99% stake in Crown Resorts, will materially reduce the group's financial headroom and is indicative of an increasing appetite for inorganic and organic growth," adds Hwang.