Genting New York Rated 'BBB-'; Outlook Negative; Notes Rated 'BBB-'

We expect Genting Bhd. (Gent) to provide strong support to Genting New York LLC (Genny) under almost all foreseeable circumstances, given Genny's strategic importance to the Malaysia-based group for its branding and future expansion in the U.S. Genny is a single-asset casino operator. Its US$400 million Hyatt Regency hotel project near JFK airport will accommodate an expanded gaming floor and 400 rooms. On Jan. 25, 2021, S&P Global Ratings assigned its 'BBB-' long-term issuer credit rating to Genny and issue rating of 'BBB-' to the company's senior unsecured notes. The negative outlook on Genny reflects that on its ultimate parent. This is based on our view that Gent has limited rating headroom due to its elevated capital expenditure (capex) and

...January 24, 2021 - We expect Genting Bhd. (Gent) to provide strong support to Genting New York LLC (Genny) under almost all foreseeable circumstances, given Genny's strategic importance to the Malaysia-based group for its branding and future expansion in the U.S. - Genny is a single-asset casino operator. Its US$400 million Hyatt Regency hotel project near JFK airport will accommodate an expanded gaming floor and 400 rooms. - On Jan. 25, 2021, S&P Global Ratings assigned its '###-' long-term issuer credit rating to Genny and issue rating of '###-' to the company's senior unsecured notes. - The negative outlook on Genny reflects that on its ultimate parent. This is based on our view that Gent has limited rating headroom due to its elevated capital expenditure (capex) and a delayed recovery from the COVID-19 pandemic. SINGAPORE (S&P Global Ratings) Jan. 25, 2021--S&P Global Ratings today took the rating actions listed above. The rating on Genny reflects the company's position as a highly...

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