The ratings on Genting Bhd. reflect the company's stable and resilient cash flows derived largely from its Malaysian gaming business; potentially sustainable strong cash flow generation from its newly opened Sentosa integrated resort (Sentosa IR) in Singapore; and our expectation that the company will maintain its intermediate financial risk profile over the next couple of years. In our view, Sentosa IR's contribution to Genting's earnings growth will be the key rating driver over the next 12 months. Genting's cash flows are more geographically diversified with the opening of its casino and hotels in February and the Universal Studios theme park in March this year. The company's financial metrics have been improving because of higher-than-expected earnings contribution from Sentosa IR. This
