S&P Global Ratings assigned its 'BBB' long-term issuer credit rating to Genting Malaysia Bhd. (GENM) on April 7, 2021, with negative outlook. We equalize the rating and outlook on GENM with that on its parent, Genting Bhd. (GENT; BBB/Negative/--), given the company's status as a "core" subsidiary. We believe GENM has an integral role in expanding the group's brand and reputation; it also contributes a material portion of the group's revenue and earnings. In this commentary, we address top questions that have been of interest to investors. In our base case, travel restrictions will ease toward the end of 2021, and GENT's EBITDA in the year will reach 50%-55% of pre-pandemic (2019) levels of Malaysian ringgit (MYR) 7.9 billion, and
