Resorts World Las Vegas LLC Assigned 'BBB+' Preliminary Rating With Stable Outlook

Resorts World Las Vegas (RWLV) is a highly strategic subsidiary of Genting Bhd. and we expect a strong level of support from its parent company during the construction and initial ramp-up phases. The company faces risks in construction and operation ramp-up as well as a highly leveraged capital structure, given RWLV's single project is still under construction. We expect credit metrics to remain weak in the next 24 months due to a lack of operating cash flow. On March 22, 2019, S&P Global Ratings assigned its 'BBB+' preliminary long-term issuer credit rating to RWLV and our 'BBB+' preliminary issue rating to the company's proposed senior secured debt obligations as well as proposed senior unsecured notes. The stable outlook on RWLV

...+ Resorts World Las Vegas (RWLV) is a highly strategic subsidiary of Genting Bhd. and we expect a strong level of support from its parent company during the construction and initial ramp-up phases. + The company faces risks in construction and operation ramp-up as well as a highly leveraged capital structure, given RWLV's single project is still under construction. We expect credit metrics to remain weak in the next 24 months due to a lack of operating cash flow. + On March 22, 2019, S&P Global Ratings assigned its '###+' preliminary long-term issuer credit rating to RWLV and our '###+' preliminary issue rating to the company's proposed senior secured debt obligations as well as proposed senior unsecured notes. + The stable outlook on RWLV is linked to the stable outlook on its parent company. This reflects our view that RWLV will receive strong support from the parent. It also reflects our view that the project will not register any material time or cost overruns. SINGAPORE (S&P Global...

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