The rating on Genting Bhd. reflects the company's firm market position in the resort and gaming business, moderate level of revenue and earnings diversity, and intermediate financial risk profile. Other factors considered in the rating are the potential competitive threats from expanding regional gaming markets, the single-site risk of most of its gaming business, and its increasing exposure to project completion and execution-related risks. Genting's financial risk profile is weakening as a result of the higher debt required to fund the Singapore dollar (S$) 6 billion Sentosa integrated resort (IR) project. A significant portion of the debt for the IR project is expected to be incurred in 2009 as the development in the IR ramps up. Genting's profit for the
