The ratings on Genting Bhd. (Genting) reflect the company's stable and resilient cash flows derived largely from its Malaysian gaming business; potentially strong cash flow generation from the new Sentosa integrated resort (Sentosa IR); and our expectations that the group will maintain its intermediate financial risk profile in the medium term. Other factors considered in the rating are the reduced diversity of the group's revenue and earnings as a result of Sentosa IR coming on board; potential competitive threats from the expanding markets of Singapore and the Philippines; and the single-site risk of most of its gaming business. Genting's Malaysia-based gaming and theme park businesses continue to provide the group with stable and resilient cash flows, despite the economic downturn
