Solid and sustainable market position in Malaysia and Singapore. High and stable profitability. Earnings concentrated in the gaming business. Exposure to evolving regulations. Improving geographic diversity. Strong cash flows. Exceptional liquidity. Substantial capital requirement for expansion. The stable outlook on Genting Bhd. reflects our expectation that the company will continue to prudently manage its capital structure despite elevated capital expenditure requirements in the next 24 months. We expect Genting's ratio of debt to EBITDA to remain below 1.0x over the next 24 months, supported by modestly improving cash flows from the company's key markets of Singapore and Malaysia. We could lower the rating if Genting embarks on unexpected debt-funded acquisitions or new projects, weakening its financial risk profile. A debt-to-EBITDA
