The rating reflects Genting Bhd.'s weakening financial profile from the higher debt required to fund the Singapore dollar (S$) 6 billion Sentosa integrated resort (IR) project and its increased exposure to project-completion risks. The ratings continue to be supported by Genting's firm market position in the resort and gaming business, moderate level of revenue and earnings diversity, and currently adequate financial profile. These factors are tempered by potential competitive threats from expanding regional gaming markets, the single-site risk of its gaming business and its increasing exposure to project completion and execution-related risks. After its reduction in the ownership of Star Cruises Ltd. (19.6% in September 2007, from 36% in December 2006), Standard&Poor's has removed the proportionate consolidation of
