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
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