SJM Holdings’ credit rating has been confirmed at its current level after the operator managed to refinance its loans, but the outlook was cut to negative by Moody’s.

Moody's Investors Service has upgraded Melco Resorts Group's credit rating from 'negative' to 'stable' due to the fast recovery in Macau.

Moody’s analysts have upgraded Playtech’s corporate family rating to Ba2, from Ba3, as well as the company’s probability of default rating (to Ba2-PD).

Analysts at ratings agency Moody’s are expecting Macau’s gross gaming revenue this year to rise to just 45 percent of 2019 levels ‘because of the extent of deterioration during the pandemic, and strict regulations on junket operations that will constrain the VIP segment’.

Ratings agency Moody’s has placed Cambodian casino operator NagaCorp under review, with a possibility to change its outlook to negative over concerns on its $472 million bond coming due in July of 2024.

Ratings agency Moody’s has changed its outlook on Genting Berhad and Genting Singapore, shifting the rating to stable from negative.

Geographic diversity and lower cost structures will be key differentiators when it comes to assessing the credit metrics of Macau’s operators as the earnings recovery lags, Moody’s Investors Service said. 

Failure to renew all of Macau’s six concessions would result in substantial risk to government finances due to the significant amount of tax they generate and how many people they employ, Moody’s said.

Melco Resorts & Entertainment’s 2022 EBITDA is only likely to reach 4 to 5 percent of 2019 levels and the uncertainty over recovery in Macau is weighing on its credit rating, Moody’s Investor Services said. 

SJM Holdings’ debt rating has been cut by Moody’s due to concern about its weak cash flow and delays in refinancing its debt.