Moody’s Ratings has upgraded the corporate family rating of Hong Kong-listed NagaCorp from “B3” to “B2” with a stable outlook, pointing to recent improvements in its earnings and cash flow and the expectation that these will continue to grow over the next 12 to 18 months.
In a note, Moody’s analyst Anthony Prayugo said the upgrade “reflects continued improvement in NagaCorp’s earnings and cash flow, supported by resilient performance at its mass market and premium segments.”
NagaCorp, which owns and operates Cambodia’s only integrated resort NagaWorld in Phnom Penh, reported gross gaming revenue of US$692 million and EBITDA of US$404 million in 2025, representing year-on-year increases of 27% and 39%, respectively. The improvement was driven by higher business volumes across both the mass market and premium segments, as well as the introduction of higher-margin products.
Moody’s said it expects NagaCorp to continue generating EBITDA in excess of US$400 million in 2026, broadly in line with 2025 levels, while continued foreign direct investment inflows into Cambodia should support increased visitation by business travelers and expatriates, underpinning stable earnings generation.
The ratings agency also highlighted str expected operating cash flow of around $821 million through December 2027ong liquidity, with the company’s US$372 million in cash and deposits and expected operating cash flow of around US$821 million through December 2027 more than sufficient to cover debt maturities, including a US$70 million shareholder loan scheduled for repayment in May 2026. Leverage, as measured by debt/EBITDA, is seen remaining below 0.5x in 2026 and 2027.
One unknown, Moody’s noted, is the company’s capital spending plans for the Naga 3 expansion following the recent withdrawal of promoter funding.
Still, we expect associated funding risks to remain manageable,” the agency stated. “Although a revised capital expenditure budget has not yet been disclosed, we expect the final budget to be materially lower than the initial US$3.5 billion estimate and to be largely funded through internally generated cash flows. Importantly, NagaCorp retains flexibility over the timing and pace of the expenditure, with no binding completion deadline.”
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