Fitch affirms Genting

Fitch Ratings said it affirmed Genting Bhd.'s long-term foreign-currency issuer default rating and senior unsecured rating at A-.

The agency also affirmed Genting's 52%-owned subsidiary, Genting Singapore plc's long-term foreign- and local-currency issuer default ratings at A- and its perpetual capital securities at BBB.

The outlook is stable.

Genting's ratings reflect its continued strong market position in the Malaysian and Singaporean gaming markets, high operating margins and low financial leverage, the agency said.

The ratings also benefit from the company's modest diversification via its plantation and power businesses, the agency noted.

The ratings remain constrained by the high capital intensity of the gaming business and by the high levels of minority interests in its key operating subsidiaries, Fitch said.

Genting's net debt to operating EBITDA was 1.47x as of the end of March.

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