The rating on Genting Bhd. reflects the Malaysia-based gaming and leisure group's strong market position, stable and resilient cash flows, and intermediate financial risk profile. Genting's earnings concentration in the gaming business, increasing competition from expanding regional markets, and its exposure to economic volatility and evolving regulations temper these strengths. Genting has a satisfactory business risk profile, in our view. The group's market position and geographic diversification has strengthened after the opening of Resorts World Sentosa (RWS) in Singapore in the first quarter of 2010. We expect the group to generate significant free operating cash flow in 2011, driven by its Singapore gaming business. Like other gaming operators, Genting is susceptible to evolving regulations. We believe the Singapore government may
