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S&P upgrades NagaCorp on absence of debt but collapse of junket sector to weigh on business strength
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S&P upgrades NagaCorp on absence of debt but collapse of junket sector to weigh on business strength
S&P Global Ratings has upgraded NagaCorp, operator of monopoly integrated resort NagaWorld in the Cambodian capital of Phnom Penh, from “B” to “B+” – citing a healthy balance sheet anchored by low leverage and a sizable cash balance. However, it has warned that earnings are unlikely to return to pre-pandemic levels anytime soon due to the company’s former reliance on junket VIP, which could create challenges in the coming years should NagaCorp i…
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