Fitch pulls Genting NY from review

Fitch Ratings said it affirmed the issuer default ratings of Genting Malaysia Bhd. (GENM) at BBB and its subsidiary, Genting New York LLC (Genny), at BBB- and removed Genny’s ratings from under criteria observation, under which they were placed on Dec. 1, 2021, following the publication of Fitch's new parent and subsidiary linkage rating criteria.

“Genny follows the 'stronger parent' path under the new criteria and benefits from linkages with its parent, GENM. Genny's ratings are notched down once from that of its parent,” the agency said in a press release.

Fitch noted GENM has a low legal incentive to help Genny if it is in distress but a high strategic incentive driven by Genny’s medium financial contribution, high competitive advantage and high growth potential.

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