Fitch ends watch on SJM

Fitch Ratings said it affirmed SJM Holdings Ltd.’s BB- ratings, the BB- rating on the notes issued by subsidiary Champion Path Holdings Ltd. and removed the rating watch negative from the ratings. The outlook is negative.

The agency said it terminated the RWN after official news SJMH received a new 10-year gaming concession on Macao with reasonable terms and commitments. The concession eliminates a credit risk for the company.

“Visitor recovery remains a key risk to SJMH's deleveraging trajectory, which is reflected in the Negative Outlook. Fitch continues to forecast SJMH's gross leverage metrics will return to within the BB- threshold by 2025, assuming a successful ramp-up of its Grand Lisboa Palace (GLP) resort,” Fitch said in a press release.

The agency said its base case expects Macao's gross gaming revenue to be 50%, 70% and 90% of 2019 levels in 2023, 2024 and 2025, respectively.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.