TLDR S&P upgraded NagaCorp’s long-term credit rating from B to B+, following a similar upgrade from Moody’s NagaCorp’s net income nearly tripled in 2025, reaching $309.9 million compared to $110.6 million in 2024 A full recovery to 2019 profit levels remains unlikely due to the collapse of the VIP junket segment The company holds about $372 million in cash with minimal debt, giving it a strong balance sheet S&P expects 5%–6% profit growth in 2026 and 2027, with spending on the Naga 3 expansion project ahead
S&P Global Ratings has upgraded the long-term credit rating of NagaCorp Ltd from B to B+, citing improved financial performance and a strong cash position. The rating carries a stable outlook.
The move follows a recent upgrade from Moody’s, which raised NagaCorp’s corporate family rating from B3 to B2, also with a stable outlook. Both agencies pointed to positive trends in the company’s credit profile.
NagaCorp Posts Strong 2025 Results but Full Recovery Remains Distant
NagaCorp owns and operates NagaWorld, a casino resort in Phnom Penh, Cambodia. The company holds a long-term monopoly agreement for gaming operations in the area.
In its 2025 annual results released in March, NagaCorp reported net income of $309.9 million. That was a large jump from $110.6 million in 2024.
EBITDA also rose sharply, reaching $404.4 million in 2025 compared to $202.8 million the year before. However, these figures still trail the company’s 2019 EBITDA of roughly $667 million.
S&P analysts Johann Tan, Isabel Goh, and Shawn Park said NagaCorp had an impressive turnaround in 2025 but cautioned that a full recovery will take time.
The main reason is the loss of VIP junket business. In 2019, the referral VIP segment accounted for about 70% of gross gaming revenue. S&P said that business is unlikely to