Carmike Cinemas Inc. Jun 11
Standard & Poors, June 2011
Abstract
Competitive positions in many of its smaller markets. Highly leveraged; Less modern theater circuit than key peers; Participation in the mature and highly competitive U.S. movie exhibition industry; Reliance on the fluctuating popularity of Hollywood films; and Regions of operation with narrower film preferences. Standard & Poor's Ratings Services' 'B-' rating on Columbus, Ga.-based Carmike Cinemas Inc. reflects our expectation that Carmike's lease-adjusted leverage will remain high, operating performance will be somewhat more volatile than other large exhibitors, lease-adjusted EBITDA coverage of interest will remain weak, and cushion of compliance with financial covenants could weaken, given step-downs and volatility in the company's operating performance. These factors underpin our view of Carmike's financial profile as highly leveraged. Carmike's business profile is...
Companies mentioned in this report are: Carmike Cinemas Inc.
Action: Review
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: Full Analysis
Carmike Cinemas Inc.
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