Fitch: Downgrades long-term foreign currency issuer rating of Melco International Development Limited (00880.HK) to "B+" with a "Stable" outlook.

On May 22, Moody's downgraded the long-term foreign currency issuer default rating of SJM Holdings Limited (referred to as "SJM Holdings" 00880.HK) from "BB-" to "B+" with a stable outlook. At the same time, the senior unsecured rating of the outstanding bonds issued by its subsidiary SJM International Limited was also downgraded from "BB-" to "B" and the recovery rating was "RR5". Since these bonds represent the company's unconditional and irrevocable obligations, their rating is the same as SJM Holdings' senior unsecured rating.