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Fitch Downgrades Genting's Rating to 'BBB-'

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

The hospitality and leisure company's shares were down nearly 2% in Tuesday's trade.

The ratings agency has also downgraded the IDRs of Genting Overseas Holdings to 'BBB-' from 'BBB' and Resort World Las Vegas to 'BB+' from 'BBB-'. However, the outlooks for the company are stable.

Fitch reasoned that it expects Genting's EBITDA net leverage to stay above 4.0x over the next three years, driven by the large expansion capex.

"We expect the pace of deleveraging to be slow due to substantial capex to expand key properties, including those in Singapore and New York," it said.

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