SINGAPORE (Standard&Poor's) Nov. 24, 2004--Standard&Poor's Ratings Services said today the potential rights issue by Malaysian conglomerate, Genting Bhd. (Genting; BBB+/Stable/--), through its gaming subsidiary, Genting International Plc, should not by itself have an impact on the rating on Genting. Proceeds from the rights issue of US$305 million will be used to invest or acquire related leisure and hospitality businesses globally. This would serve to mitigate the single-site risk arising from its sole casino operations in Malaysia. As a 64% shareholder of Genting International, Genting will spend close to US$200 million to subscribe to its entitlement of shares. Genting may also sub-underwrite the public portion of the rights shares. The potential total consideration of US$200 million-US$300 million
