Universal Entertainment credit rating cut by Fitch

Okada Manila
Okada Manila

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.