The stable outlook on RWLV reflects that on GENT. The stable outlook on GENT reflects our expectation that the company's credit quality will stabilize following the completion of a major investment cycle, while an operational recovery takes shape over the next two years. This is despite the group's delayed recovery in its operations from the pandemic. We expect Genting's ratio of funds from operations (FFO) to debt to improve to above 20% over the next two years. We may lower the rating on RWLV if we downgrade GENT. We may lower the rating on GENT if we expect the group's FFO-to-debt ratio to stay below 20%, or debt-to-EBITDA ratio to be above 4x for a prolonged period. We could also
