. Genting is an investment holding company with subsidiaries involved in casino and resort-related operations, power generation, plantation, paper and property businesses. It also has interests in cruise operations via associate Star Cruises Ltd.
“The AAA rating is premised on Genting's strong business profile and financial standing, backed by stable revenue and cashflow from its casino and resort-related operations. Diversification into the power generation business and the acquisition of new plantation properties in recent years have also increased the contribution of these divisions to Genting’s bottom line,” RAM said in a statement.
Genting, through unit Resorts World, owns and operates Ma- laysia’s only land-based legal casino.
“Genting’s healthy balance sheet is underscored by its strong debt service coverage and substantial cash pile,” RAM added. – Bernama
It said the ratings were premised on the strength of the bank guarantees provided by Malayan Banking Bhd, RHB Bank Bhd and Public Bank Bhd.
The backing of the bank guarantees enhanced the credit risk profiles of the debt issues beyond Measat’s inherent or stand-alone credit risk, RAM said. – Bernama
Genting is an investment holding company with subsidiaries involved in casino and resort-related operations, power generation, plantation, paper and property businesses. It also has interests in cruise operations via associate Star Cruises Ltd.
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