Fitch places Genting NY on watch

Fitch Ratings said it placed its BBB- ratings on Genting New York LLC (Genny) and its $525 million of senior unsecured notes due 2026, on rating watch negative. Genny is a 100%-owned subsidiary of Genting Malaysia Bhd. (GENM).

The agency also affirmed GENM’s ratings. GENM is a subsidiary of Genting Bhd. (GENT).

“The RWN on Genny's ratings incorporates the risk that it may not win a full-scale casino license in downstate New York, for which the bidding process is underway. In that case, we think Genny's strategic importance to the Genting group and incentives for GENT to provide support are likely to be weaker, which could lead to Genny's IDR being downgraded by more than one notch,” Fitch said in a press release.

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