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U.K.-Based European Cinema Operator Odeon & UCI Cinemas Group Assigned Preliminary 'B' Rating; Outlook Stable May 11 Product Image

U.K.-Based European Cinema Operator Odeon & UCI Cinemas Group Assigned Preliminary 'B' Rating; Outlook Stable May 11

  • Published: May 2011
  • Region: Europe, United Kingdom, Great Britain
  • Standard & Poors

Abstract
Odeon & UCI Finco PLC, a subsidiary of U.K.-based European cinema operator Odeon & UCI Cinemas Group Ltd. (Odeon), is set to issue -475 million-equivalent of senior secured notes to refinance outstanding debt, provide liquidity, and fund near-term acquisitions. We are assigning our preliminary long-term corporate credit rating of 'B' to Odeon, based on our assessment of the group's business and financial risk profiles as fair and highly leveraged, respectively. We are also assigning our preliminary issue rating of 'B' and a preliminary recovery rating of '4' to the -475 million-equivalent senior secured notes. The stable outlook reflects our view of Odeon's adequate liquidity, along with our belief that its scale and operating model should enable it to maintain its...

Companies mentioned in this report are: Odeon & UCI Cinemas Group Ltd.,Odeon & UCI Bond Midco Ltd.,Odeon & UCI Finco plc
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress READ MORE >

Odeon & UCI Cinemas Group Ltd.,Odeon & UCI Bond Midco Ltd.,Odeon & UCI Finco plc

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