- Language: English
- Published: March 2012
Research Update: SeaWorld Parks & Entertainment Inc. Senior Secured Debt Rating Lowered To 'BB-' From 'BB'; Off CreditWatch Negative May 12
- ID: 2127699
- May 2012
- Standard & Poors
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
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Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
SeaWorld Parks & Entertainment Inc.