Fitch slashes Enjoy

Fitch Ratings said it downgraded Enjoy SA to D from B and the rating on its $195 million of senior notes due 2022 to C/RR4 from B/RR4.

“The downgrades follow Enjoy's announcement that it is entering judicial reorganization under Chilean Law 20.720 after having its casinos closed in Chile, Argentina and Uruguay for more than a month due to the coronavirus pandemic. The company intends to restructure its debt to reflect the realities of the lockdown measures and the uncertainty faced by the company. The process will likely result in material changes in the terms and conditions of its debt,” Fitch said in a press release.

Fitch removed from rating watch negative, on which it was placed on March 23.

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