S&P gives Enjoy, bonds CCC+

S&P said it assigned Enjoy SA and its senior secured bonds CCC+ ratings following the completion of the exchanges on all its domestic unsecured debt.

“Due to a harsher impact from Covid-19 than we previously assumed, we estimate the company will report EBITDA and funds from operations (FFO) losses in 2021, along with higher cash burn. Additionally, we believe there is still significant uncertainty over the gaming and hotels industry's recovery pace while governments continue imposing restrictions to contain Covid-19and even once disruptions cease,” the agency said in a press release.

All of Enjoy’s casinos and hotels are closed during to an increasing number of Covid-19 cases.

The outlook is negative, reflecting weaker-than-expected market conditions, uncertainty about the gaming and hotel industry's recovery and the company's potential need for liquidity this year if revenue disruptions persist, S&P said.

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