Fitch cuts GEN Bhd on slow pandemic recovery possibilities
2024년 최고의 안전한 바카라사이트 추천 합니다. 실시간 온라인 바카라 사이트 순위 TOP15 리뷰을 작성하여, 여러분이 카지노 사이트를 찾기 위해 검색하며 시간을 낭비하지 않도록 하고 있습니다. 리뷰에서 다양한 보너스 혜택과 장단점를 통해 더 나은 바카라 경험을 즐길 수 있는 카지노사이트 정보와 팁을 확인할 수 있습니다.
Fitch downgraded Malaysian gambling and services giant Genting Bhd's long-term issuer default rating to "BBB" from BBB+, although it is forecast to be "stable."
The company has given equal ratings to Resorts World Las Vegas LLC and Genting Overseas Holdings, a company related to a casino resort under construction in Las Vegas, Nevada.
The downgrade reflected Fitch's expectations that "the recovery from the coronavirus pandemic will be slower than earlier forecast, especially for Singapore, which relies on international tourism, as borders are likely to remain closed for the rest of 2020 and ongoing social distancing measures limit visitor numbers."
Genting Singapore Ltd, a subsidiary of Genting Bhd, operates Resorts World Sentosa Casino Resort with half of the casino's dual monopoly in the city-state.
"Due to a slow recovery and high capital spending commitments, Genting's consolidated net leverage will remain more than double by the end of 2024, which is no longer in line with its 'BBB+' rating," the rating agency added of Genting's parent company
Maybank IB Research said in a note last week that it was "uncertain" about whether Resort World Las Vegas, a $4.3 billion project that its promoters had described as "profitable going forward."
At the end of September, Standard & Poor's Global Ratings said it had lowered its rating on Genting Bhd's management and corporate governance to "fair" from "satisfied".
Referring to the Lim family, a Malaysian dynasty who started the Genting Group, he added, "Based on our evaluation, the Genting control stake of the founding family is negative for the governance structure."
At the time, Standard & Poor's confirmed a "BBB" rating on Genting Bhd for long-term issuer credit.
Fitch Ratings noted some positives for Genting Bhd in Friday's announcement. "Genting Bhd's rating reflects its position as the sole casino licensee in Malaysia and its strong share in Singapore's dual monopoly market."
The ratings agency added: "Genting's other businesses are adding diversity in geographic and sectoral terms, and the group has a history of maintaining a cautious balance sheet."
Genting Group is exposed to casino operations in the U.S., Bahamas, the U.K. and Egypt through its Genting Malaysian unit, which generates major revenue through exclusive licenses for resort world Genting near the country's capital, Kuala Lumpur.
Last week, Malaysia's government said it was applying so-called conditional movement control orders amid rising COVID-19 infections reported in Kuala Lumpur and several other regions.
The complex is "operating as usual," Resorts World Genting said in an update on its website on Monday.
BY: 에볼루션 바카라사이트