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Six Flags Inc. Nov 03 Product Image

Six Flags Inc. Nov 03

  • ID: 1831919
  • November 2003
  • Standard & Poors

Largest regional theme park owner; Direct competition is limited, except in Cleveland and California; High barriers to entry; and Long-term, exclusive licensing agreement for the Warner Bros.' Looney Tunes and D.C. Comics' animated characters. Attendance declined in both the 2003 and 2002 operating seasons; Highly seasonal, with the majority of EBITDA earned in the summer; The company's planned reduction in capital spending in 2004 may depress attendance levels; and Further weakness in operating performance in the 2004 operating season would likely result in violation of the fixed charge bank covenant test, which steps down on Sept. 30, 2004. The rating reflects the Six Flags Inc.'s high debt leverage, depressed profitability, and weak operating outlook for full 2003. In addition, Standard...

Companies mentioned in this report are:
- Six Flags Entertainment Corp.
- Six Flags Theme Parks 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

- Six Flags Entertainment Corp.
- Six Flags Theme Parks Inc.

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