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

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

  • Published: May 2011
  • Standard & Poors

Abstract
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 READ MORE >

National CineMedia LLC,National CineMedia Inc.

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