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Fitch: No Rating Assigned to Imperial Pacific's Unsecured Notes
February 9, 2017 / 8:48 AM / 7 months ago

Fitch: No Rating Assigned to Imperial Pacific's Unsecured Notes

(The following statement was released by the rating agency) HONG KONG, February 09 (Fitch) Fitch Ratings has not assigned a rating to Hong Kong-based Imperial Pacific International Holdings Limited's (IPI, CCC) issuance of USD70m 8.5% per annum unsecured notes that the company said was completed on 8 February 2017. These unsecured notes are different from the US dollar senior secured notes that the company said on 11 January 2017 that it planned to issue. Fitch was provided with documentation for the latter and the agency has assigned an expected 'B-(EXP)' rating to the proposed issuance. Fitch awaits the finalisation of the proposed senior secured notes issuance, which is still not completed and therefore there is no final documentation for the notes available yet. The USD70m unsecured notes issuance does not immediately affect IPI's Issuer Default Rating of 'CCC' as the company's ratings are constrained by the higher VIP customer-receivable risks it faces due to the lack of junkets being licensed. The rating is also limited by IPI's material capex, which requires funding that will not be sufficiently covered by this debt issuance, and the concentration of its business on the volatile high-rolling VIP segment. Active tourism development in Saipan and IPI being the only casino operator in Saipan to enjoy the island's legal and geographical advantages support IPI's ratings. Contact: Su Aik Lim Senior Director +852 2263 9916 Fitch (Hong Kong) Limited Fitch (Hong Kong) Limited 19/F, Man Yee Building 68 Des Voeux Road, Hong Kong Rebecca Tang Associate Director +852 2263 9933 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. 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