Moody's: Genting unaffected

Moody's Investors Service said it expects no immediate impact on Genting Bhd.'s Baa1 issuer and senior unsecured debt ratings or on the stable outlook following the announcement that Genting Singapore plc, a 54%-owned subsidiary of Genting, is to raise gross proceeds of up to S$1.63 billion through rights issues.

The transaction is fully underwritten by eight banks, and the proceeds will be used by Genting Singapore for future investments and working capital requirements.

Moody's expects Genting will fund its portion of the investment, approximately S$840 million, by a combination of debt and internal reserves.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.