Fitch downgrades Genting as expansion keeps leverage above 4.0x

Fitch Ratings downgraded Genting Berhad's long-term issuer rating to BBB- from BBB and Resorts World Las Vegas to BB+ from BBB-. The agency expects Genting's proportionately consolidated net debt to earnings before interest, taxes, depreciation and amortisation (EBITDA) to remain above 4.0 times for the next three years.

Fitch said expansion spending in Singapore and New York, plus a slower New York earnings ramp-up, will delay deleveraging. It assumes average annual capital expenditure of MYR9.2 billion in 2026–2028, showing how projects outside Singapore are tightening the group's financial headroom despite the quality of Resorts World Sentosa.