Research Update: National CineMedia LLC's Amended, Extended Senior Secured Term loan Rated ?BB-? (Recovery Rating: 3) Nov 12
- Language: English
- Published: November 2012
Modern and well-positioned theater circuit; Strong operating performance relative to peers; Experienced management team; and Modest diversity provided by profitable non-U.S. operations. High debt leverage; Participation in a mature, highly competitive industry in the U.S.; Reliance on the popularity of Hollywood films; and Our concerns regarding long-term industry fundamentals. The ratings on Cinemark Holdings Inc. reflect the company's high lease-adjusted leverage and financial risk, the mature and highly competitive nature of the U.S. motion picture exhibition industry, exposure to the fluctuating popularity of Hollywood films, shortening windows between theatrical and DVD/video-on-demand release, and competition from other exhibitors and alternative entertainment sources. These concerns are partially offset by Cinemark's quality theater circuits, the company's above-average profit margins, Cinemark's experienced management team,...
Companies mentioned in this report are: Cinemark Holdings Inc.,Cinemark USA Inc.,National CineMedia Inc.
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Research Type: Full Analysis
Cinemark Holdings Inc.,Cinemark USA Inc.,National CineMedia Inc.