Research Update: Lions Gate Entertainment Corp. 'B-' CCR Affirmed, Issue-Level Ratings Lowered On $200 Mil. Notes Add-On May 11

  • ID: 1783957
  • May 2011
  • Standard & Poors
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Film studio Lions Gate plans to issue $200 million of additional second-lien notes and use the net proceeds to repay revolving credit borrowings. We are affirming our 'B-' corporate credit rating on Lions Gate. At the same time, we are lowering our issue-level rating on the second-lien notes to 'B-' from 'B', in conjunction with the revision of the recovery rating to '4' from '2'. The stable rating outlook reflects our view that Lions Gate's film business EBITDA and cash flow could improve modestly in the near-to-intermediate term, but that operating performance will fluctuate depending on the success of its film slate. On May 9, 2011, Standard & Poor's Ratings Services affirmed its 'B-' corporate credit rating on British Columbia,...

Companies mentioned in this report are:
- Lions Gate Entertainment Corp.
- Lions Gate Entertainment Inc.

Action: Affirmed
Action: Downgraded

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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- Lions Gate Entertainment Corp.
- Lions Gate Entertainment Inc.

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