Fitch downgrades SJM Holdings over weaker performance and debt concerns
Fitch downgraded SJM Holdings’ issuer default rating from B+ to B- with a negative outlook, citing weaker operating performance and delayed deleveraging. The agency expects EBITDA leverage of 9.6x in 2026 and 7.1x in 2028, while SJM faces US$500 million of senior notes and a HK$19 billion syndicated loan due in 2028.
The downgrade increases pressure on SJM to refinance significant 2028 debt maturities while operating performance remains weak.