Moody’s ups Genting Singapore, debt

Moody's Investors Service said it upgraded Genting Singapore plc’s issuer rating to A3 from Baa1 and the rating of its S$1.8 billion perpetual subordinated capital securities to Baa2 from Baa3.

The outlook is stable.

"The upgrade of GENS' ratings reflects the company's excellent liquidity profile, with a history of remaining in a strong net cash position and which has more than doubled since 2014," Moody's vice president and senior analyst Jacintha Poh said in a news release.

"This situation, together with its declining debt levels, support its financial profile, despite a challenging operating environment for the Asian gaming industry."

"GENS has also demonstrated financial prudence in its joint-venture development of Resorts World Jeju, which remains on schedule to open end-2017. Any development risk should therefore diminish over the next 12-18 months," Poh added in the release.

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