The rating on Genting Bhd., a Malaysia-based gaming and leisure group, reflects the 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 have strengthened after the opening of Resorts World Sentosa (RWS) in Singapore in early 2010. We expect the strong performance at the group's Singapore gaming business to lead to significant free operating cash flow in 2011. In our view, Genting's stable cash flows from the gaming business support the rating, despite
