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Recovery Rating On Cinemark USA's Secured Debt Revised To '2', Issue Rating Raised To 'BB-' Jun 10

Description:
Abstract
We have increased our estimate of enterprise value and lowered our estimate of secured debt balances at the time of the simulated default within our recovery analysis of U.S. based movie theater operator Cinemark. We revising our recovery rating on Cinemark's secured debt to '2' from '3' and raising our issue-level rating on this debt to 'BB-' from 'B+'. All other ratings, including the 'B+' corporate credit rating, were affirmed. The stable outlook on our 'B+' corporate credit rating reflects our expectation that the company will maintain adequate liquidity and leverage below 7x over the intermediate term. CHICAGO (Standard & Poor's) June 29, 2010--Standard & Poor's Ratings Services today revised its recovery rating on Cinemark USA Inc.'s secured debt to...

Companies mentioned in this report are: Cinemark Holdings Inc.
Action: Affirmed
Action: Upgraded


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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
 
Companies Mentioned
Cinemark Holdings Inc.
 
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