Moody's affirms Genting

Moody's Investors Service said it affirmed the Baa1 issuer and debt ratings of Genting Bhd.

The outlook is stable.

The affirmation is in response to news that private equity group, Apollo Management, LP, has agreed to make a $1 billion cash investment in NCL Corp. Ltd. for a 50% equity interest, with Star Cruises Ltd. continuing to own the remaining 50% stake.

While Genting is not directly involved in the transaction, the resulting reduction in effective interest in NCL will potentially reduce its linkage to the cruise line and relieve it of its obligations to provide support to Star Cruises, Moody's said.

The core rating driver for Genting going forward remains the successful execution of its expansion plan and management of its increased business and financing risks, the agency said.

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