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.
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