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 Singapore, the subsidiary that owns and operates Sentosa IR, posted revenues of Singapore dollar(S$) 979.26 million and gross profit of S$516.55 million in the second quarter of 2010. Its results in the third quarter were lower than our expectations, however, with revenues
