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

Standard & Poors, May 2012

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. NEW YORK (Standard & Poor's) May 9, 2012--Standard &...

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 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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

SeaWorld Parks & Entertainment Inc.

Customers who bought this item also bought

• Launchers for Unmanned Aerial Systems and Targets: Market Shares, Strategies, and Forecasts, Worldwide, 2012 to 2018
• Hormuz Briefings
• Vietnam Defence and Security Report Q4 2011
• Indian Sea Training and Simulation Market Assessment
• Defense and Security in Philippines
• Philippines Defence and Security Report Q4 2011
• Vietnam Defence and Security Report Q1 2013
• Iran Defence and Security Report Q1 2013
• Hong Kong Infrastructure Report Q2 2012
• Defense Daily