Moody's changes Genting view to stable

Moody’s Investors Service said it revised its outlook for Genting Bhd., Genting Overseas Holdings Ltd., Genting Singapore Ltd. and GOHL Capital Ltd. to stable from negative and affirmed the issuers’ investment-grade ratings.

"The change in outlook to stable and ratings affirmation reflects our expectation that credit metrics across the Genting group of companies will improve over the next 12-18 months, supported by continued recovery in operating performance. For Genting Bhd., it will also benefit from full-year earnings contribution from Resorts World Las Vegas," said Yu Sheng Tay, a Moody's analyst, in a press release.

"The group's plans to expand its New York gaming operations under Genting Malaysia Bhd. may affect its credit quality, but such developments, including the timing and funding structure of the investment, ultimately hinge on the awarding of the casino license, which remains uncertain at this point," adds Tay.

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