Fitch revises Genting outlook to stable

Fitch Ratings said it revised the outlooks on Genting Bhd. (GENT) and its wholly owned subsidiaries, Genting Overseas Holdings Ltd. (GOHL) and Resorts World Las Vegas LLC (RWLV), to stable from negative.

“The stable outlooks are driven by the gaming sector's robust revenue recovery, which is evident in GENT's 2Q22 results, especially in Malaysia and the U.S., following receding Covid-19 risks and the easing of preventive restrictions. We believe GENT's proportionately consolidated net leverage ratio is on track to fall below 3.5x by 2023, which is consistent with its rating,” Fitch said in a press release.

The agency also affirmed the issuer default ratings of GENT and GOHL at BBB and RWLV at BBB-. The rating on $1.5 billion of senior unsecured notes due 2027, which are guaranteed by GOHL, has been affirmed at BBB as was the BBB- ratings on RWLV's $1.35 billion senior unsecured notes due in 2029 and 2031 and its senior secured credit facilities.

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