Credit-debt watcher Fitch Ratings, Inc. has sounded alarm bells over the possibility that Saipan casino operator Imperial Pacific will default on its loans.

In a statement issued on Wednesday, Fitch announced that it has downgraded the credit rating of Imperial Pacific to ‘CCC’ by Fitch Ratings Inc, from the ‘B (EXP)’ expected rating assigned to it in September 2016.

The downgrade reflects the supposed “substantial credit risk” of Imperial Pacific and the ratings agency believe that there is a great chance that the firm behind the Saipan casino will default on its obligations.

Fitch based its decision on the assumption that assumption Imperial Pacific’s casino would be offering commission rates of 1.40 percent to VIP players it recruited directly; and 1.85 percent to junket operators in the period 2016 to 2019.