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S&P gives Genting Malaysia, notes BBB
S&P said it rated Genting Malaysia Bhd., a unit of Genting Bhd., and the senior unsecured notes it will guarantee BBB. Subsidiary GENM Capital Labuan Ltd. will sell the notes.
“We expect GENM to maintain close ties with GENT and therefore equalize the rating on GENM with that of its parent. GENM is listed on the Malaysian stock exchange, and GENT (BBB/negative/--) is the largest shareholder (49.5%). GENT has managed the financial and operating policies of GENM’s principal asset, Resorts World Genting, since 1989,” S&P said in a press release.
The agency said it projects GENM’s EBITDA will reach 60% of the 2019 level in 2021 before exceeding that in 2022.
The outlook is negative, which reflects the parent’s outlook, S&P said.
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