Fitch trims SJM Holdings

Fitch Ratings said it lowered SJM Holdings Ltd.'s (SJMH) long-term foreign-currency issuer default and senior unsecured ratings to BB- from BB. The agency also trimmed the rating on the notes issued by subsidiary, Champion Path Holdings Ltd. to BB- from BB.

“The downgrade reflects our reduced confidence in the recovery of Macau's gaming industry as a result of the government's strict Covid-19 pandemic-related policies, continued weak visitation and the delayed ramp up of the newly developed Grand Lisboa Palace (GLP); the project opened in July 2021, but continues to run at limited capacity. SJMH's leverage trajectory is no longer consistent with its previous rating level following our weaker gross gaming revenue forecast for Macau,” Fitch said in a press release.

All ratings remain on rating watch negative.

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