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Research Update: SeaWorld Parks & Entertainment Inc. Senior Secured Debt Rating Lowered To 'BB-' From 'BB'; Off CreditWatch Negative May 12 Product Image

Research Update: SeaWorld Parks & Entertainment Inc. Senior Secured Debt Rating Lowered To 'BB-' From 'BB'; Off CreditWatch Negative May 12

  • Published: May 2012
  • Standard & Poors

Abstract
U.S. theme park operator SeaWorld recently closed on an amendment to its senior secured credit agreement that provided for a $500 million incremental term loan B, the proceeds of which it used to fund a distribution to the owners. Following our review of the final loan documents, we are revising our recovery rating on SeaWorld's senior secured credit facility to a '2', from '1', and, in accordance with our notching criteria, lowering our issue-level rating on the senior secured credit facility to 'BB-' from 'BB'. The stable rating outlook reflects our expectation for adjusted leverage to remain around 5x over the intermediate term, in line with our 'B+' corporate credit rating. On May 9, 2012, Standard & Poor's Ratings Services...

Companies mentioned in this report are: SeaWorld Parks & Entertainment Inc.
Action: CreditWatch Update
Action: Removed From CreditWatch

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 READ MORE >

SeaWorld Parks & Entertainment Inc.

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