“We forecast Genting's credit metrics to improve significantly from 2022, as the Covid-19 outbreak and capex peaks fall behind. Genting group remains well positioned in key markets that it operates in. Its monopoly in Malaysia and duopoly position in Singapore are unlikely to change in the medium term," S&P Global Ratings said.
KUALA LUMPUR: S&P Global Ratings has revised the outlook on Genting Bhd
to negative as it expects the on-going Covid-19 outbreak to impact the group's revenue and earnings before interest, tax, depreciation and amortisation (Ebitda) this year but improve the following year.
The rating agency said on Wednesday it expected revenue to drop by 20% to 25% and Ebitda 25%-30% respectively in 2020 because of the outbreak.
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