Bulletin: Genting HK's Payment Suspension Has No Direct Implications For Genting Bhd. - S&P Global Ratings’ Credit Research

Bulletin: Genting HK's Payment Suspension Has No Direct Implications For Genting Bhd.

Bulletin: Genting HK's Payment Suspension Has No Direct Implications For Genting Bhd. - S&P Global Ratings’ Credit Research
Bulletin: Genting HK's Payment Suspension Has No Direct Implications For Genting Bhd.
Published Aug 20, 2020
2 pages (1170 words) — Published Aug 20, 2020
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Abstract:

SINGAPORE (S&P Global Ratings) Aug. 20, 2020--S&P Global Ratings today said that Malaysia-based Genting Bhd. (BBB/Negative/--) and its subsidiaries (Genting Bhd. group) are not immediately affected by Genting Hong Kong (Genting HK)'s suspension of payments to creditors. This is because we believe the Genting Bhd. group does not have any material relationship with Genting HK besides a common brand name. Based on our understanding from Genting Bhd., the Genting Bhd. group does not have a cross share ownership with Genting HK, and no cross-default clause, guarantee, or keepwell structures that would affect a direct financial obligation on Genting Bhd. group. The Genting Bhd. group has recurrent related-party transactions with Genting HK, such as the payment of licensing fees from Genting

  
Brief Excerpt:

...August 20, 2020 SINGAPORE (S&P Global Ratings) Aug. 20, 2020--S&P Global Ratings today said that Malaysia-based Genting Bhd. (###/Negative/--) and its subsidiaries (Genting Bhd. group) are not immediately affected by Genting Hong Kong (Genting HK)'s suspension of payments to creditors. This is because we believe the Genting Bhd. group does not have any material relationship with Genting HK besides a common brand name. Based on our understanding from Genting Bhd., the Genting Bhd. group does not have a cross share ownership with Genting HK, and no cross-default clause, guarantee, or keepwell structures that would affect a direct financial obligation on Genting Bhd. group. The Genting Bhd. group has recurrent related-party transactions with Genting HK, such as the payment of licensing fees from Genting HK to Resorts World Inc. Pte. Ltd., charge for office space, and for support and consulting services. However, we understand these transactions are arms-length in nature and receivables due...

  
Report Type:

Bulletin

Ticker
GENT@MK
Issuer
Genting Bhd.
GICS
Casinos & Gaming (25301010)
Sector
Global Issuers, Structured Finance
Country
Malaysia
Region
Emerging Markets
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Genting HK's Payment Suspension Has No Direct Implications For Genting Bhd." Aug 20, 2020. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Genting-HK-s-Payment-Suspension-Has-No-Direct-Implications-For-Genting-Bhd-2499466>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Genting HK's Payment Suspension Has No Direct Implications For Genting Bhd. Aug 20, 2020. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Genting-HK-s-Payment-Suspension-Has-No-Direct-Implications-For-Genting-Bhd-2499466>
  
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