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Recovery Report: National CineMedia Inc.'s Recovery Rating Profile May 11

  • ID: 1770862
  • May 2011
  • Standard & Poors
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We are updating our recovery analysis on Centennial, Colo.-based in-theatre advertising network company National CineMedia Inc. (NCM) as part of our ongoing surveillance. Our simulated default scenario contemplates a payment default in 2015, as a result of a decline in cinema advertising and attendance. We expect NCM to reorganize in the event of a default, given its good market position and key relationships with leading U.S. cinema exhibitors. (For Standard & Poor's recovery rating methodology, see "Criteria Guidelines For Recovery Ratings-," published Aug. 10, 2009.) As of Dec. 31, 2010, National CineMedia LLC was the borrower of about $50 million outstanding under the company's $80 million revolving credit facility and $725 million secured term loan. The secured credit facility and...

Companies mentioned in this report are: National CineMedia LLC,National CineMedia Inc.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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National CineMedia LLC,National CineMedia Inc.

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