Fitch cuts Genting Bhd.

Fitch Ratings said it downgraded the long-term issuer default ratings of Genting Bhd. and its wholly owned subsidiaries, Genting Overseas Holdings Ltd. and Resorts World Las Vegas LLC to BBB+ from A-. The outlook is negative.

“The downgrade follows the drop in customer visits and shutdowns due to the operational disruption caused by the coronavirus pandemic,” said Fitch in press release.

Fitch said it expects net leverage, as measured by net debt/EBITDA less minorities' share adjustments, to climb to 2.6x and remain above the 1x level where the agency said it would take an adverse rating action until at least to end 2022.

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