Fitch assigns B to Enjoy IDR, notes

Fitch Ratings said it assigned Enjoy SA a B long-term issuer default rating and an expected rating of B (EXP)/RR4 to its proposed notes, which are expected to total $330 million.

The outlook is stable.

Fitch said the ratings factor in the longstanding and leading position of Enjoy's operating casinos in Chile and operational improvement in the last three years. The ratings are constrained by the uncertainty in the municipal casinos' bidding process, high leverage in comparison to its peers, and weak financial flexibility to face new challenges or further opportunities.

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