Miami land deal boosts credit rating for GEN Bhd, says Moody’s
Moody’s Investors Service Inc has said that Genting Malaysia Bhd’s proposed sale of several land plots in Miami, Florida, could boost the consolidated liquidity of its parent, Genting Bhd. The ratings agency added that Genting Bhd’s cash holdings are expected to be MYR27.3bn ($6.2bn) after the transaction, up from MYR21.9bn as of December 31. Genting Malaysia’s Miami land is expected to fetch just under $1.23bn, with the firm expecting a gain of $967m from the disposal deal. Moody’s said it expected the proceeds from the sale to support the Genting group’s “ambitious” expansion plans in the US, including the pursuit of one of three downstate New York gaming licences.
Source: GGRAsia.com
