GENTING’s credit rating is constrained by the casino owner’s plan to spend $5.2 billion on the Integrated Resort it is developing here as competition increases, Fitch Ratings said. It assigned an A rating, the fourth-lowest investment grade, on Genting’s long-term foreign currency debt. The outlook is stable, Fitch said in its statement.
Asia’s largest publicly traded casino operator will compete with Singapore’s other casino being built by Las Vegas Sands, and gaming centres in Macau.
Genting International last week said it will raise US$2.17 billion ($3.3 billion) in a rights offer to fund the project. “The main constraint to Genting’s rating is the risks it is undertaking with its capital expenditure programme,” Fitch said.
Moody’s Investors Service gave a Baa1 rating, the third-lowest investment level, on Genting’s borrowings, while Standard & Poor’s gave it BBB+, an equivalent grade. — BLOOMBERG
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