Fitch Ratings has assigned Genting Group’s GOHL Capital Ltd’s guaranteed notes a final ‘A-’ rating, local media reports.
GOHL Capital Limited is a funding vehicle and unit of Genting Overseas Holdings Limited. It also owns 52.9 percent of Genting Singapore PLC.
The ratings agency on Wednesday said the notes, due 2027, are rated the same level as GOHL’s senior unsecured rating because they will be guaranteed by GOHL and constitute its direct and senior unsecured obligations.
“This is due to GOHL’s strong support and operational ties with its parent and our view of GOHL’s strategic importance to Genting,” said Fitch.
Fitch Ratings also noted that Genting’s rating reflects its strong market position in the Malaysian and Singaporean gaming markets as well as its diversification in the palm oil plantation and energy sectors.
Last month, Genting Berhad saw its net profit rise 59.9 percent year-on-year to RM 577.21 million (US$129.9 million) in 16Q3,.
The Malaysian based operator said its revenue grew slightly by 0.8 percent to RM 4.7 billion in the quarter, compared to RM 4.6 billion in the prior year period.
As a diversified conglomerate, Genting’s businesses cover leisure and hospitality, plantation, power, property, as well as oil and gas. Its leisure and hospitality business derives revenue from Malaysia, Singapore, the U.K. and the U.S.