Foreign Currency: BBB+/Stable/-- Local Currency: BBB+/Stable/-- ASEAN Regional Scale: axA+/-- Strong market position. Some earnings concentration from its gaming business. Experienced management team. Improving geographic diversity. Exposure to evolving regulations. Strong cash flow generation from gaming business. Highest gross margins among peers. Net cash position. Strong liquidity. The stable outlook reflects our expectation that Genting Bhd. will generate strong operating cash flow and that its discretionary cash flow will remain positive over the next 24 months. The outlook also incorporates our expectation that Genting will benefit from favorable growth prospects in Malaysia, and that it will take a prudent approach to further expansion while maintaining strong liquidity. Nevertheless, Genting still has high concentration in the volatile gaming market. We could
