Fitch rates Imperial Pacific notes BB-

Fitch Ratings said it expects to assign a long-term foreign-currency issuer default rating of B with stable outlook to Imperial Pacific International Holdings Ltd.

Fitch also said it assigned an expected BB- rating with recovery rating of RR2 to the company’s proposed dollar-denominated senior secured note issue.

The ratings reflect the short operating history of the company’s gaming business in Saipan, which is almost entirely driven by the volatile high-rolling VIP segment, Fitch said.

Imperial Pacific’s ratings are supported by a low tax regime, attractive location, use of junkets and guarantors in its VIP gaming business and addition of tourist amenities in Saipan by the company and other parties, the agency said.

The ratings are constrained by the high mobility of VIP players, who have a wide selection of established casinos in Asia to choose from, Fitch said.

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