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S&P Global Ratings continues to expect Genting’s credit quality to remain commensurate with the current ratings of BBB-/stable.
PETALING JAYA: Genting Bhd’s slowing operations are narrowing its rating buffer, according to rating agency S&P Global Ratings, who believe that operational recovery at Genting’s Singapore and Las Vegas assets will be key to the resort and casino operator’s credit quality, along with the pace and level of its investments.
Nevertheless, the ratings firm is expecting a gradual pickup in Genting’s earnings from 2026, pointing out that while a successful New York gaming licence bid could see the conglomerate incurring significantly higher capital expenditure, it will also generate incremental future earnings.
S&P Global Ratings is also estimating Genting’s ratio of funds from operations to debt to range between 22% and 24% through 2026, from 23.5% in 2024, following weaker-than-expected results in the first half of financial year 2025 (1H25).