Universal Entertainment’s credit rating has been cut by Fitch Ratings, which says that unless there is a significant improvement in cash flow in the second half or the company manages to raise funds, it may not be able to meet a debt payment due in December.
The company’s long-term issuer default rating has been reduced to CCC+ from B. Universal, which operates Okada Manila, has $118 million in notes in December.
Fitch pointed to the ongoing hit to its operations from the pandemic as being the key driver for the downgrade.
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