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Research by Maybank

“Nearing Rating Upside Trigger"

Genting lost its long-held AAA rating at the height of the pandemic, being reduced to AA1/negative before stabilizing at AA1/stable in Sep 2022 following relaxation of travel curbs. Credit metrics have since improved meaningfully, supported by higher revenue and profitability, and reduced capex. One of two RAM financial upside triggers has been met, raising hope for a positive outlook. A key risk to rating upside is large new investments that could strain its credit profile.

Analysts:
Winson Phoon, FCA
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Se Tho Mun Yi, CFA
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$KLSE-GENTING
Research by Maybank

“Nearing Rating Upside Trigger"

Genting lost its long-held AAA rating at the height of the pandemic, being reduced to AA1/negative before stabilizing at AA1/stable in Sep 2022 following relaxation of travel curbs. Credit metrics have since improved meaningfully, supported by higher revenue and profitability, and reduced capex. One of two RAM financial upside triggers has been met, raising hope for a positive outlook. A key risk to rating upside is large new investments that could strain its credit profile.

Analysts:
Winson Phoon, FCA
winsonphoon@maybank.com
Se Tho Mun Yi, CFA
munyi.st@maybank-ib.com