Fitch rates Genting Singapore A-, notes BBB

Fitch Ratings said it assigned A- long-term foreign- and local-currency issuer default ratings to Genting Singapore plc.

The agency also said it assigned an expected rating of BBB to the proposed perpetual capital securities to be issued by the company.

The outlook is stable.

Fitch said it expects to accord 50% equity credit to the proposed notes in evaluation of its capital structure and leverage.

The ratings are equalized to the rating of its 52% shareholder, Genting Bhd., the agency said.

The equalization reflects a view that Genting and Genting Singapore share strong strategic and operational ties, the agency said.

The ratings reflect the company's strong and highly profitable gaming operations in Malaysia and Singapore, Fitch said, and its strong balance sheet.

Genting's diversification into plantations and power, while becoming relatively smaller due to growth of its gaming business, further supports its credit profile, the agency added.

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