Six Flags Inc.'s $300 Million Senior Notes Rated 'B-', Credit Rating Affirmed Dec 03
Standard & Poors, December 2003
Abstract
NEW YORK (Standard & Poor's) Dec. 2, 2003--Standard & Poor's Ratings Services said today that it assigned its 'B-' rating to Six Flags Inc.'s privately placed, Rule 144A $300 million senior notes due 2014. Proceeds from the offering will be used to redeem about $280 million of its $423 million 9.75% senior notes due 2007. At the same time, Standard & Poor's affirmed its ratings, including its 'B+' corporate credit rating, on the theme park operator. Oklahoma City, Okla.-based Six Flags had $2.6 billion of total debt and preferred stock as of Sept. 30, 2003. The ratings outlook remains negative. The rating reflects Six Flags' high debt leverage currently depressed profitability, and Standard & Poor's expectation that discretionary cash flow...
Companies mentioned in this report are:
- Six Flags Entertainment Corp.
Action: Affirmed
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.
- Six Flags Entertainment Corp.
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