Analysts at Moody\u2019s Investors Service believe NagaCorp will improve its performance in the following months due to the easing of pandemic-related restrictions.<\/p>\n\n\n\n\n\n\n\n
Cambodia.-\u00a0Moody’s Investors Service <\/strong>has reviewed NagaCorp’s outlook, finding that the company’s “B1” credit rating reflects the “dominant position” of its NagaWorld casino resort in Phnom Penh, Cambodia.<\/p>\n\n\n\n Analysts predict a recovery in\u00a0NagaCorp’s operating performance in 2022\u00a0<\/strong>following the reopening of its casinos in September 2021 and further easing of pandemic-related restrictions given Cambodia’s vaccinate rate.<\/p>\n\n\n\n Last September, the company was allowed to reopen its casino in Cambodia <\/strong>after six months of closure due to Covid-19<\/a>. <\/p>\n\n\n\n Moody’s stated: “NagaCorp\u2019s rating is one notch above Cambodia\u2019s sovereign rating, based on our assessment that the likelihood of the company being affected in the event of a weakening in Cambodia\u2019s economic fundamentals is low.”<\/p>\n\n\n\n The agency said NagaCorp, which operates NagaWorld in Phnom Penh, is “isolated to some extent from domestic conditions” in Cambodia “because it generates most of its revenue from tourists and does not rely on local banks or capital markets for funding.”<\/p>\n\n\n\n Despite this, Moody’s rated NagaCorp’s outlook at “negative” compared to its “stable” assessment for the host nation\u2019s credit outlook.<\/p>\n\n\n\n Sweta Patodia, Jacintha Poh, and Vikas Halan, analysts at Moody’s, stated: \u201cNagaCorp\u2019s rating is constrained by its single-site operations as well as exposure to political risk and the evolving regulatory framework in Cambodia.”<\/p>\n\n\n\n