Fitch ups Enjoy notes to B+/RR3

Fitch Ratings said it affirmed Enjoy SA's issuer default rating at B and revised the outlook to positive from stable.

In addition, the agency upgraded the company’s senior unsecured notes to B+/RR3 from B/RR4 and removed them from rating watch positive.

Fitch said the upgrade of the senior unsecured notes reflects the application of Fitch's revised criteria "Country-Specific Treatment of Recovery Ratings," which was published on April 16. In these criteria, Chile's rating recovery cap of RR4 was changed to RR2, allowing Enjoy's issuance to be rate one notch higher than its issuer default rating due to its better than average recovery prospects.

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