|
|
 |
|
Viewing report
|
|
|
|
BULLETIN: Six Flags Inc.'s Credit Facility Amendment Does Not Affect Ratings Dec 03
Standard & Poors, Dec 2003
Abstract
NEW YORK (Standard & Poor's) Dec. 1, 2003--Standard & Poor's Ratings Services said today that Six Flags Inc.'s (B+/Negative/-) announcement that it has recently amended its $1 billion bank credit facility does not affect the current ratings or outlook on the company. The amendment revised the fixed charge covenant test to 1.05x from 1.15x, and postponed the step up to 1.10x until Sept. 30, 2005. Continued deterioration in profitability in the 2004 summer operating season otherwise would likely have resulted in a violation of the fixed charge covenant test, which was scheduled to step up to 1.2x from 1.15x at Sept. 30, 2004. There is currently sufficient cushion against the credit agreement's fixed charge coverage covenant level, which is tested...
Companies mentioned in this report are: Six Flags Entertainment Corp.
Action: S&P Event
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.
|
|
|
|
