Moody’s Ratings has downgraded Genting Berhad and two of its subsidiaries, Genting Overseas Holdings and Genting Singapore.
Malaysia.- Moody’s Ratings has downgraded Genting Berhad and two of its subsidiaries, Genting Overseas Holdings and Genting Singapore, citing increased debt and slower earnings recovery.
The agency downgraded Genting Berhad and Genting Overseas Holdings from Baa2 to Baa3 and Genting Singapore from A3 to Baa1, with a stable outlook. It also downgraded the backed senior unsecured notes issued by GOHL Capital, a wholly owned subsidiary of Genting Overseas Holdings, from Baa2 to Baa3. The notes are guaranteed by Genting Overseas Holdings.
Moody’s Ratings analyst Anthony Prayugo said: “The ratings downgrade reflects Genting Berhad’s already weak position due to prolonged deleveraging amid slower than expected earnings recovery, further strained by increased debt to fund its take-over offer for Genting Malaysia Berhad and expected spending following the potential award of a downstate New York City commercial casino licence.”
Prayugo added: “The stable outlook reflects our expectation that earnings will continue to improve at Genting’s operations in Singapore and Las Vegas, that execution risk for its downstate New York City project remains minimal such that the project will be earnings accretive by the second half of 2026, supporting a recovery in credit metrics, and that the group will not undertake any additional debt-funded expansion projects.”
Genting has continued to build its stake in Genting Malaysia despite the deadline passing on its privatisation offer. Meanwhile, Genting New York’s application for a full casino licence has been advanced to the final licensing review stage with the New York State Gaming Commission, which is expected to issue licences by December 31, 2025.
Moody’s Ratings has downgraded Genting Berhad and two of its subsidiaries, Genting Overseas Holdings and Genting Singapore. Malaysia.- Moody’s Ratings has downgraded Genting Berhad and two of its subsidiaries, Genting…
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