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Genting Malaysia benefits from strong support from its domestic market, which means it's better positioned for a faster post-pandemic recovery, Fitch Ratings said.
Moody's has reaffirmed the credit ratings of Genting Bhd and Genting Singapore, but said the outlook remains negative due to the uncertainty regarding the pace of recovery.
Colin Mansfield, an analyst with Fitch Ratings, spoke with Asia Gaming Brief's Managing Editor Sharon Singleton about the impact of the Covid crisis on the balance sheets and credit ratings of Asia's operators and the road to recovery.
Las Vegas Sands' sale of its Nevada properties for $6.25 billion has elicited differing reactions from global credit ratings agencies.
Vicky Melbourne, head of industrials, property and consumer for South Asia and Southeast Asia at Fitch Ratings, talks with Asia Gaming Brief managing editor Sharon Singleton about the impact of Covid-19 on the credit profile of the region’s operators.
The ongoing pandemic is keeping the ratings agencies on their toes as they seek to assess the impact of the slower-than-expected recovery on the balance sheets of operators which made significant capital commitments back when the future had looked bright.
Ratings agency Standard & Poor’s has reaffirmed Genting Malaysia’s BBB rating, but says the outlook is “negative” due to a slower-than-expected recovery in Singapore.
There is significant uncertainty about the recovery and expansion prospects of Okada Manila given the severity of the Covid-19 outbreak in the Philippines, Fitch Ratings said.
Australian operator Crown Resorts is in a position to weather the storm created by the coronavirus crisis, due to its low debt and variable cost structure, according to Fitch Ratings.
Genting Malaysia is pushing ahead with its overseas expansion plans, though analysts its acquisition of Empire Resorts will weigh on long-term earnings.
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