The rating on Genting Bhd., a Malaysia-based gaming and leisure group, reflects the group's solid market position, strong cash flows, and "modest" financial risk profile. The risks arising from overseas expansion, earnings concentration in the gaming business, and exposure to evolving regulations partly offsets these strengths. We view Genting's business risk profile as "satisfactory." The group has a solid market position in gaming and has improved its geographic diversity over the past few years. These factors have strengthened Genting's brand awareness, and boosted other established brands such as "Resorts World," "Maxims," "Crockfords," and "Awana." The Genting group is the second largest gaming company in the world, after Las Vegas Sands Corp. (BB+/Positive/--). In our view, strong cash flow generation from
