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3-D Is Likely Only A Short-Term Boon For U.S. Movie Exhibitors Sep 11
Standard & Poors, Sep 2011
Abstract
3-D movies were all the rage in 2009, but they may be losing some of their appeal. The theater chains operate in a mature industry with dimming growth prospects and highly leveraged balance sheets. They also have to contend with the unpredictability of Hollywood content. As a result, Standard & Poor's Ratings Services expects the credit quality of exhibitors to remain weak. All six of our rated U.S. exhibitors currently carry ratings in the speculative-grade category ('BB+' or lower). We expect relative stability for the higher-rated companies, barring any sustained downturns in the volatile U.S. box office. For those closer to the bottom of the rating scale, though, a limited ability to withstand even normal box-office fluctuations could result in...
Companies mentioned in this report are: AMC Entertainment Inc.,Carmike Cinemas Inc.,Regal Entertainment Group,Cinemark Holdings Inc.,AMC Entertainment Holdings Inc.,Wallace Theater Holdings Inc.,National Amusements Inc.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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