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Fitch Downgrades Genting Malaysia's Rating to 'BBB-'

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Fitch Ratings has downgraded Genting Malaysia's (KLSE:GENM) Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BBB', with a stable outlook, according to a Monday statement.

The ratings agency has downgraded the rating on the company-guaranteed $1 billion senior unsecured notes due 2031 to 'BBB-' from 'BBB'.

These rating actions come in the wake of the downgrade of the Long-Term IDR of the company's parent, Genting, to 'BBB-' from 'BBB'.

Fitch said that Genting's incentives to support Genting Malaysia would be high; therefore, any weakening of the latter's standalone credit profile would not by itself lead to a downgrade as its IDR would be equalized with that of its parent.

In addition, Fitch has affirmed the IDR of Genting Malaysia's wholly owned subsidiary, Genting New York LLC (GENNY), at 'BBB-', with a stable outlook.

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