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London’s Canary Wharf area, where many financial firms are based. Brexit is changing how banks in Britain do business in the European Union.  That’s why thousands of people, primarily Brits, living in Europe who have British bank accounts have recently been told their accounts will be closed . To ease the transition Britain decided to copy some of the European Union’s regulations. In turn, it hoped that the European Union would allow firms in Britain to keep doing business in the bloc. In early November, Britain’s chancellor of the Exchequer said his government would accept the E.U. rules in a number of areas , including capital requirements and credit ratings agencies. But the European Union hasn’t reciprocated. The bruised feelings raised by Britain’s divorce from the bloc continue to influence relations between the two. Officials in Brussels say they are wary that, over time, Britain will exploit its independence and weaken the restrictions on risk and other rules that banks don’t like. That lack of a deal “should not be the starting gun for a race to deregulate,” Joachim Wuermeling, who is in charge of bank supervision at the Bundesbank, Germany’s central bank, said last month. This has led to a political stalemate, in which London and Brussels remain at odds on several key pieces of financial regulation and unwilling to give market access to each other.

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Fitch's key assumptions within our rating case for the issuer: - Revenue to decline by around 30% in FY21 due to ongoing pandemic-related restrictions. Revenue to almost double yoy in FY22 and return to around FY19 levels in FY23, excluding the impact of the Crown Sydney opening. - Australian property normalised EBITDA margin of around 25% from FY22 to FY24, excluding the effect of any variance from the theoretical win-rate and including commencement of operations at Crown Sydney (FYE20: 22%). - Crown Sydney to begin operations from 2HFY21. - Dividend of 60 cents per share in each year from FY21 to FY24. - Capex of around AUD670 million in FY21, AUD150 million in FY22, and AUD130 million each in FY23 and FY24, before apartment sales at Crown Sydney. Factors that could, individually or collectively, lead to positive rating action/upgrade: Fitch will resolve the Rating Watch once we can assess the outcomes of the various regulatory inquiries and their impact on Crown's ongoing operations and financial profile. We may affirm the rating if it maintains its Sydney licence and its FFO adjusted net leverage (excluding working-capital cash) below 2.9x for a sustained period. Factors that could, individually or collectively, lead to negative rating action/downgrade: - FFO adjusted net leverage (excluding working-capital cash) rising to above 2.9x for a sustained period, which could occur as a result of the outcomes of the regulatory inquiries or other operational factors. - Crown's inability to rectify the identified weaknesses inherent in its governance structure, and/or its Sydney's licence is revoked together with the emergence of further similar allegations, or imposition by regulators of onerous conditions or fines on resolution of the inquiries.