Fitch downgrades SJM Holdings

Fitch Ratings said it downgraded SJM Holdings Ltd.'s long-term foreign-currency issuer default rating and its senior unsecured rating to BB from BB+. The agency also trimmed the notes sold by subsidiary Champion Path Holdings Ltd. to BB from BB+. All ratings remain on rating watch negative.

“The downgrade is because the company has been slower than we expected in obtaining a new HK$19 billion long-term syndicated loan facility to repay existing loans due Feb. 28, 2022, although most banks have agreed to extend the existing loans by a year. Material regulatory uncertainty also remains over SJMH's gaming concession in Macau as its 20-year term is set to expire on June 26, 2022,” Fitch said in a press release.

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