Fitch downgrades Genting ratings as expansion spending weighs on credit metrics

Fitch downgraded the Long-Term Issuer Default Ratings of Genting Berhad, Genting Overseas Holdings and Resorts World Las Vegas, citing large expansion commitments in New York and Singapore and high New York start-up costs. Genting Berhad and Genting Overseas Holdings fell from BBB to BBB-, while Resorts World Las Vegas moved from BBB- to BB+, all with stable outlooks; Fitch forecasts Genting New York EBITDA of about US$450 million by 2028.