Fitch upgrades Enjoy

Fitch Ratings said it upgraded Enjoy SA's long-term foreign currency issuer default rating to CCC+ from CCC, its $194 million tranche A of notes due in 2027 to B-/RR3 from CCC+/RR3 and its $16 million tranche B of notes due in 2027 to CCC-/RR6 from CC/RR6.

“Enjoy's upgrade reflects the improved capital structure after the convertible series T bonds were fully converted in February 2022, reducing debt by CLP 240 billion in the last 12 months, and the lifting of pandemic restrictions that allowed the re-opening of all its casinos. However, it is uncertain when cash flow generation will return to pre-pandemic and pre-social unrest levels. Enjoy casinos have re-opened but with capacity restrictions, and the gaming industry may take additional months to fully recover,” Fitch said in a press release.

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