...June 8, 2021 SINGAPORE (S&P Global Ratings) June 8, 2021--S&P Global Ratings today said that the rating on Genting Bhd. (Genting; ###/Negative/--) will come under further pressure if the lockdown in Malaysia and capacity restrictions in Singapore are extended, and Genting cannot offset the impact through other financial means. Genting's delayed recovery in operations and elevated capital expenditures continue to offer thin rating headroom over the next 12-18 months. The recovery of the company's debt-to-EBITDA ratio to below 3x and ratio of funds from operations to debt to over 30% could be pushed beyond 2022, if lockdown and capacity restrictions persist. The recently imposed lockdown in Malaysia and capacity curb in Genting's two key operating countries, will likely weaken earnings and operating cash flow for the rest of first-half 2021, adding further pressure on its credit quality. While confirmed cases in Malaysia trending down from over 7,000 daily in early June, Genting's operations...
