Recovery Report: Six Flags Entertainment Corp.?s Recovery Rating Profile Dec 11
Standard & Poors, December 2011
Abstract
We are updating our recovery analysis on Grand Prairie, Texas-based theme park operator Six Flags Entertainment Corp. to reflect its planned $1.15 billion senior secured credit facility. We have assigned preliminary recovery and issue-level ratings to the proposed credit facility (see table 1). We have raised the company's corporate credit rating and the issue-level rating on Six Flags' existing senior secured credit facility and have removed these ratings from CreditWatch, where they were placed with positive implications on Nov. 23, 2011. Six Flags will use the proceeds to refinance its existing credit facilities. In addition, the undrawn Time Warner term loan facility will be terminated. Standard & Poor's Ratings Services' simulated default scenario contemplates a payment default in 2016 and...
Companies mentioned in this report are:
- Six Flags Theme Parks Inc.
- Six Flags Entertainment Corp.
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 Theme Parks Inc.
- Six Flags Entertainment Corp.
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