S&P rates Genting New York, notes BBB-

S&P said it assigned BBB- ratings to Genting New York LLC and its senior unsecured notes.

“The rating on Genny reflects the company’s position as a highly strategic subsidiary of the Genting group. We believe it is highly unlikely that Genny will be sold, and the company should remain strategically important for the group’s global standing and reputation. Accordingly, we expect the group to commit to long-term support for Genny. We, therefore, rate Genny one notch below our rating on Genting (BBB/negative/--),” S&P said in a press release.

S&P assigned a negative outlook, which reflects its parent’s outlook.

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