The rating on Genting Bhd. reflects its firm market position in the resort and gaming business, strong financial profile, moderate revenue and earnings diversity. These factors are tempered by the single-site risk of its gaming business, potential competitive threats from expanding regional gaming markets, operating and financial challenges from its cruise business, and some counterparty risk in its power business. 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's cruise business is not consolidated into its accounts, as the company has
