Fitch rates Genting notes A-

Fitch Ratings said it assigned a long-term issuer default rating of A- to Genting Overseas Holdings Ltd., along with a foreign-currency senior unsecured rating of A-.

The agency also said it assigned an expected A- rating to GOHL Capital Ltd.'s proposed dollar-denominated guaranteed notes.

GOHL Capital is a funding vehicle and wholly owned by Genting Overseas, Fitch explained.

The notes are rated at the same level as Genting Overseas' senior unsecured rating due to a guarantee and because the notes constitute direct and senior unsecured obligations, the agency said.

Genting Overseas’ parent, Genting Bhd., will enter into a keepwell deed with the issuer and guarantor, Fitch added.

The ratings are equalized with that of its parent in line with the agency’s criteria and based on strong support and operational ties with its parent and a view of Genting's strategic importance to Genting, the agency said.

The ratings reflect the company’s continued strong market position in the Malaysian and Singaporean gaming markets and meaningful diversification in the palm oil plantation and energy sectors, Fitch said.

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