We expect Genting Bhd.'s leverage to breach our downgrade trigger in 2020 and 2021. However, we project Genting's credit profile to improve materially from 2022. On March 11, 2020, S&P Global Ratings revised its outlook on Genting and the company's subsidiary Resorts World Las Vegas (RWLV) to negative from stable. At the same time, we affirmed the 'BBB+' long-term issuer credit rating on Genting and 'BBB' long-term issuer credit rating on RWLV. We also affirmed the 'BBB' issue ratings on RWLV's debt. The negative outlook reflects our expectation that Genting will breach our downgrade trigger for the next 12-24 months, but its credit profile will recover quickly such that debt/EBITDA falls below 2.0x by 2022. We revised the outlook on
