S&P cuts Genting

S&P said it downgraded Genting Bhd. to BBB from BBB+. Also, the agency lowered the rating on Genting’s U.S. subsidiary Resorts World Las Vegas, its senior secured debt and senior unsecured notes to BBB- from BBB.

“Several gloomy events have occurred since we revised the rating outlook on Genting to negative on March 11, 2020. These will translate into a weaker performance in 2020 and a longer recovery path than we expected,” S&P said in a press release.

Singapore and Malaysia entered a recession with growing unemployment, and the agency said it sees Las Vegas being one of the last gaming markets in the U.S. to recover.

The outlook is negative.

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