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BULLETIN: Six Flags Inc.'s Asset Sales Will Not Affect Ratings Mar 04
Standard & Poors, March 2004
Abstract
NEW YORK (Standard & Poor's) March 11, 2004--Standard & Poor's Ratings Services said today that Six Flags Inc.'s (B+/Negative/-) announcement that it reached an agreement in principle for the sale of its Worlds of Adventure Cleveland park for $145 million and its European theme park division for $200 million does not affect the current ratings or outlook on the company. The company has stated that it would incur a $290 million total book loss in the first quarter of 2004 on the sale of these assets. The charge will not impair bank covenant compliance. Six Flags expects to use asset sale proceeds to reduce debt, as well as to fund investments in its other parks. The transaction, at a roughly...
Companies mentioned in this report are: Six Flags Entertainment Corp.
Action: S&P Event
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.
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