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.
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