Moody’s reviews Imperial Pacific CFR

Moody's Investors Service said it assigned a definitive B2 corporate family rating to Imperial Pacific International Holdings Ltd. and placed the rating on review for downgrade.

The provisional rating was assigned on Sept. 13.

At the same time, the agency withdrew its provisional B1 senior secured rating to the proposed dollar-denominated bonds to be issued by Imperial Pacific International (CNMI), LLC. because they have not been issued as planned.

"The review for downgrade reflects our concerns over Imperial Pacific's lack of funding to complete its Grand Marina project due to a delay in the issuance of the company's proposed bonds," Moody's vice president and senior credit officer Kaven Tsang said in a news release.

"The delay in the issuance could also trigger the risks of cost overruns and a potential termination of the company's gaming license."

"The former concern will potentially result in more debt funding and the company's debt leverage could then exceed the original budget," Tsang added in the release.

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