CreditSights sats Genting refinancing risk manageable

The Fitch Group research unit says Genting’s liquidity and access to funding support its ability to meet upcoming obligations.

Malaysia.- CreditSights believes Genting Bhd’s refinancing risk is manageable despite a heavy concentration of debt maturities over 2026 and 2027. It citied the group’s liquidity position, diversified asset base and continued access to funding channels.

Key obligations include a US$1.5bn bond due in 2027 under Genting Overseas Holdings Ltd, a US$300m Empire Resorts bond, US$665m in term loans tied to Resorts World Las Vegas, and MYR3.8bn (US$968m) in Malaysian retail bonds. However, CreditSights noted that Genting has “multiple funding options at its disposal”.

While it acknowledged that liquidity pressure exists, it said refinancing avenues remain open through a combination of existing liquidity, bank funding and capital markets access and that the maturity profile does not pose an immediate solvency risk.

A more cautious assessment was applied to Genting Malaysia Berhad, which CreditSights described as weaker than major regional peers amid rising leverage, execution risk and the US$5.5bn integrated resort project in New York, where capital expenditure is heavily front-loaded following the award of a downstate casino licence in late 2025.

According to the report, the concentration of early-stage spending is expected to pressure cash flow and leverage metrics during construction. Governance concerns were also flagged as unresolved, alongside Genting Malaysia’s BBB- rating with a negative outlook from S&P Global Ratings.

CreditSights said Genting Malaysia’s bonds should trade wider than those of peers such as Sands China, reflecting higher perceived risk. However, it noted that support from Genting Bhd, geographical diversification and potential asset sales could help mitigate pressure on credit metrics.

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See also: CIMB upgrades Genting Malaysia to “Buy” after New York licence approval

The Fitch Group research unit says Genting’s liquidity and access to funding support its ability to meet upcoming obligations. Malaysia.- CreditSights believes Genting Bhd’s refinancing risk is manageable despite a heavy concentration of debt maturities over 2026 and 2027. It citied the group’s liquidity position, diversified asset base and continued access to funding channels. Key…