Research Update: Six Flags Upsized First-Lien Credit Facility Rating Lowered To 'BB-' (Recovery Rating: 2) Dec 10
Standard & Poors, December 2010
Abstract
U.S. theme park operator Six Flags has entered into an amendment to its first-lien credit facility, to provide for, among other things, an increase in the size of the facility by $205 million, to $950 million. Proceeds from the additional first-lien term loan, along with some cash on hand, will be used to help repay the company's second-lien facility. We are revising our recovery rating on Six Flags' first-lien credit facility to '2' from '1' as a result of the transaction. We lowered the issue-level rating on this debt to 'BB-' from 'BB'. The stable rating outlook reflects our expectation that credit measures will remain in line with the 'B+' rating, and that liquidity will remain adequate over the intermediate...
Companies mentioned in this report are:
- Six Flags Entertainment Corp.
- Six Flags Theme Parks Inc.
- Six Flags Entertainment Corp.
Action: Affirmed
Action: Downgraded
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Six Flags Entertainment Corp.
- Six Flags Theme Parks Inc.
- Six Flags Entertainment Corp.
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