SINGAPORE (Standard&Poor's) Aug. 26, 2005--Standard&Poor's Ratings Services said today it affirmed its 'BBB+' corporate credit rating on Malaysia's Genting Bhd. The outlook is stable. Genting is a Malaysia-based investment holding company with a market capitalization of about Malaysian ringgit (RM) 14 billion (US$3.8 billion). Reflecting its position as the only licensed casino operator, leisure and hospitality operation is the key contributor, averaging two-thirds of group earnings in the past three years. "Genting maintains a conservative capital structure and given its strong cash flow generation, exhibits a healthy financial profile," said Standard&Poor's credit analyst Nancy Koh. Coupled with a measured approach toward acquisitive growth, Genting's discretionary cash flow to EBITDA averaged 27.5% in the past
