Fitch ups Genting to stable

Fitch Ratings said it revised Genting Bhd.'s outlook to stable from negative and affirmed its long-term foreign-currency issuer default rating and senior unsecured rating at A-.

The outlook revision follows Genting's strong cash generation, including the significant outperformance of Genting's integrated resort in Singapore that opened in the first quarter of 2010, Fitch said.

Fitch also noted that Genting's established gaming operations in Malaysia have remained resilient in the face of competition from the two integrated resorts in Singapore.

Its leverage, as measured by gross adjusted debt-to-EBITDA, also was modest at 1.6x at the end of December 2010, the agency said.

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