Bulletin: Genting's Credit Quality To Stabilize Amid Lower Capex, Border Reopening

SINGAPORE (S&P Global Ratings) March 16, 2022--Genting Bhd.'s (BBB-/Stable/--) ongoing operational recovery meets our expectations, thanks to disciplined spending and the coming reopening of Malaysia's borders on April 1. Our stable outlook on the rating reflects our expectation that the group's credit quality will stabilize. This follows the completion of its major investment cycle as well as our expectation of an operational recovery over the next two years as COVID-19 restrictions gradually ease in its key markets. The Malaysia-based holding company of the Genting group reported EBITDA of Malaysian ringgit (MYR) 4 billion for 2021. This was up nearly 40% year over year, though still 45%-50% below pre-pandemic levels. For 2022, we expect EBITDA to reach about 80% of pre-pandemic

...March 15, 2022 SINGAPORE (S&P Global Ratings) March 16, 2022--Genting Bhd.'s (###-/Stable/--) ongoing operational recovery meets our expectations, thanks to disciplined spending and the coming reopening of Malaysia's borders on April 1. Our stable outlook on the rating reflects our expectation that the group's credit quality will stabilize. This follows the completion of its major investment cycle as well as our expectation of an operational recovery over the next two years as COVID-19 restrictions gradually ease in its key markets. The Malaysia-based holding company of the Genting group reported EBITDA of Malaysian ringgit (MYR) 4 billion for 2021. This was up nearly 40% year over year, though still 45%-50% below pre-pandemic levels. For 2022, we expect EBITDA to reach about 80% of pre-pandemic levels. Genting's capital spending could substantially decline to MYR3 billion in 2022 from MYR8.7 billion in 2021. This follows the completion of major investment plans in the U.S. and Malaysia....

Bulletin