Fitch assigns SJM Holdings, bonds BB+

Fitch Ratings said it assigned SJM Holdings Ltd. a BB+ long-term foreign-currency issuer default rating with a negative outlook and a BB+ senior unsecured rating. The agency also gave its dollar-denominated senior notes a BB+ rating.

“The ratings reflect SJMH’s record of maintaining a conservative financial position, with well-established operations in Macau. Fitch forecasts adjusted net debt/EBITDAR will recover to 3.5x and 1.8x by 2022 and 2023, respectively, driven by the opening of Grand Lisboa Palace (GLP), the group’s integrated resort in Cotai, in early 2021 and a recovery from the pandemic,” Fitch said in a press release.

SJM will use the proceeds to refinance debt and for general corporate purposes.

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