Fitch rates Genting Malaysia, notes BBB

Fitch Ratings said it published Genting Malaysia Bhd.’s (GENM) BBB long-term issuer default rating and also assigned its proposed dollar-denominated notes a BBB rating.

“GENM owns Malaysia's only casino, Resorts World Genting, which is located close to the capital Kuala Lumpur and attracted close to 29 million visitors in 2019. GENM's rating considers its moderate linkage to its weaker parent, Genting Bhd. (GENB, BBB/negative), and we rate GENM based on GENB's consolidated credit profile and the outlook is aligned with that of GENB,” Fitch said in a press release.

The notes will be issued by GENM Capital Labuan Ltd., a wholly owned subsidiary of GENM, and guaranteed by GENM.

“The notes are rated at the same level as GENM's IDR as they will constitute direct, unsecured and unsubordinated obligations of the company,” Fitch said in a press release.

The company plans to use the proceeds mainly to refinance debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.