SINGAPORE (Standard&Poor's) Dec. 15, 2003--Standard&Poor's Ratings Services today assigned its 'BBB-' corporate credit rating to Malaysian-based resort and gaming company, Genting Bhd. The outlook on the rating is stable. At the same time, Standard&Poor's assigned its 'BBB-' rating to the senior unsecured US$300 million notes maturing in 2008, issued by 100%-owned Prime Venture (Labuan) Ltd. and guaranteed by Genting. The rating on Genting reflects its strong market position in the main resort and gaming business, as well as its low leverage and strong cash flow, and diversity in revenue and earnings. These strengths are offset by its single-site risk, operating and financial challenges from its cruise business, and risks from its power business. Credit
