Six Flags Inc. 'B-' Corporate Credit Rating Remains On Watch Negative; Seven Parks To Be Sold Jan 07
- ID: 1831832
- January 2007
- Standard & Poors
NEW YORK (Standard & Poor's) Jan. 11, 2007--Standard & Poor's Ratings Services said today that its ratings, including the 'B-' corporate credit rating, on Six Flags Inc. remain on CreditWatch with negative implications, where they were placed on Sept. 18, 2006. The CreditWatch update followed the company's announcement that it had reached an agreement to sell seven of its parks for $312 million. New York-based regional theme park owner and operator Six Flags had $2.5 billion of debt and preferred stock outstanding as of Sept. 30, 2006. The company stated that it will use the cash proceeds of the transaction, which is expected to be completed in March 2007, to reduce debt. "We remain concerned that debt reduction from the...
Companies mentioned in this report are:
- Six Flags Entertainment Corp.
Action: CreditWatch Update
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.