S&P affirms Genting

Standard & Poor's said it affirmed its BBB+ corporate credit rating on Genting Bhd. reflects its firm market position in the resort and gaming business, increasing revenue and earnings diversity and strong financial profile.

These factors are tempered by potential competitive threats from expanding regional gaming markets, operating and financial challenges from its cruise business and the single-site risk of its gaming business, according to the agency.

Although Genting's cruise business is not consolidated into its accounts, as the company has an effective ownership of only 20.8% in Star Cruises Ltd. (BB/Watch negative), the agency noted that the current rating factors in proportionate consolidation of Star Cruises as well as the solid market position in its main resort and gaming business.

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