Moody's rates Prime Holdings bond

Moody's Investors Service said it assigned a Baa1 foreign currency debt rating to the proposed $250 million bond issue by Prime Holdings (Labuan) Ltd. and guaranteed by Genting Berhad.

The outlook is positive, which reflects the positive outlook for Malaysia's foreign currency sovereign rating. At the same time, Moody's has an A3 local currency issuer rating on Genting with a stable outlook.

The proceeds of the bond will be used primarily to finance Genting's future investments in the core leisure and hospitality and power sectors, when such opportunities arise.

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