ASX / MEDIA RELEASE FOR IMMEDIATE RELEASE 27 February 2017

S&P GLOBAL RATINGS RESEARCH UPDATE ‘BBB’ RATING AFFIRMED WITH STABLE OUTLOOK

HYBRID NOTES I EQUITY CONTENT RECLASSIFIED TO MINIMAL

MELBOURNE: Crown Resorts Limited (ASX: CWN) ("Crown") announced that S&P Global Ratings has issued a Research Update which affirms Crown’s ‘BBB’ rating with a stable outlook but which reclassifies the equity credit of Crown’s Hybrid Notes I (CWNHA) as ‘minimal’ as a consequence of Crown's announcement that it proposes to buy back all outstanding Notes I. S&P will treat any outstanding Notes I issuance as debt in its adjusted calculations.

A copy of the S&P Global Ratings Research Update is attached.

ENDS

COPIES OF RELEASES

Copies of previous media and ASX announcements issued by Crown are available at Crown’s website at www.crownresorts.com.au

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