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KUALA LUMPUR (Nov 6): Fitch Ratings has revised its outlook for Genting Bhd’s long-term issuer default ratings (IDRs) as well as its wholly-owned subsidiaries including Genting Overseas Holdings Ltd and Resorts World Las Vegas LLC to 'negative' from 'stable'.
The rating agency also affirmed Genting's IDR at 'BBB', according to its website yesterday.
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The ratings action reflects rising risks around Genting’s ability to bring down leverage closer to three times by end of 2023
“The volatile financial markets constrain Genting's ability to do this in a timely manner, even though we still believe the company is committed to a deleveraging arc that is in line with its rating.
“Fitch had previously assumed Genting would take various steps to strengthen the balance sheet in the near term, given the company's historically conservative balance sheet. This view was based on the pace of recovery in the gaming sector, particularly as some assets rely on inbound visitations and airline capacity,” said the ratings agency.
Fitch said the negative outlook captures the risk of a much slower gaming recovery than its current forecast such that Genting's leverage is elevated for an extended period.
“This may result from recurring waves of infection, leading to intermittent border closures and continued strict social distancing,” said Fitch.
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The agency pointed out that Genting's rating reflects its position as the sole casino-licence holder in Malaysia, robust share in Singapore's duopolistic market and business diversification both in terms of geography and sectors.
Fitch estimates Genting’s consolidated EBITDA to fall by 80% in 2020
Fitch said it does not expect Genting’s consolidated revenue and earnings before interest, taxes depreciation and amortisation (EBITDA) to return to pre-Covid-19 pandemic levels until at least end of 2022.
“We had previously forecast a recovery in 2021. Fitch estimates Genting's consolidated EBITDA will fall by 80% to RM1.5 billion in 2020, before gradually improving to RM4.2 billion in 2021 and RM7.4 billion in 2022.
“The pandemic has weakened the company's cash flow, and its high capex commitments in the next two to three years will delay deleveraging,” said the ratings agency.
Furthermore, it said, capital expenditure (capex) will be high in the next three years to complete Resorts World Las Vegas LLC and Genting Singapore embarks on its SGD4.5 billion redevelopment of Resorts World Sentosa.
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Besides that, Fitch said Genting Malaysia is also completing its 10-year redevelopment plan for Resorts World Genting and plans to open a new hotel at Resorts World Casino New York City in 2021.
“These commitments will delay deleveraging. We have not factored in any capex for potential expansion to Japan because of the uncertainty around the project,” said the ratings agency.
Other than that, Fitch also noted that Resorts World Las Vegas LLC is scheduled to open in northern summer 2021.
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“In response to the pandemic, the company has also adjusted the casino layout to allow for social distancing. These initiatives should support visitor volume once the project opens, but new waves of infections remain a key risk to our ramp-up expectations,” said Fitch.
At 11.49am, Genting added 0.67% or 2 sen to RM3.01, valuing it at RM11.67 billion.