-- S&P Global Ratings has assessed GOHL Capital Holdings' proposed subordinated perpetual capital securities issuance as having intermediate equity content, according to a Monday release.
S&P believes that 50% of the proposed issuance would be considered as debt.
Genting Overseas Holdings, which is wholly owned by Malaysia-based Genting (KLSE:GENTING) and serves as its investment holding vehicle for international investments, will act as the guarantor for the hybrid securities.
S&P considers Genting Overseas Holdings as a core subsidiary of its parent, with extraordinary support to be received under any foreseeable scenario.
Genting provides a keepwell deed for the hybrids, pointing to the parent's commitment to support the subsidiary's and group's overall credit quality, S&P said.