Summary: Odeon & UCI Cinemas Group Ltd. Jul 12

Standard & Poors, July 2012

Abstract
The rating on U.K.-based leading European cinema operator Odeon & UCI Cinemas Group Ltd. (Odeon) reflects Standard & Poor's Ratings Services' view of the group's "highly leveraged" financial risk profile and "fair" business risk profile, according to our criteria. Our view of Odeon's financial risk profile reflects our forecast that the adjusted debt-to-EBITDA ratio will remain high, and that the group's expansion program will restrict free operating cash flow (FOCF) generation. On the upside, we assess the liquidity profile as "adequate." This is supported by our view of Odeon's fairly flexible capital expenditures (capex); we understand that maintenance capex is about -15 million to -20 million per year and that expansionary and development capex can be cut quickly in the...

Companies mentioned in this report are: Odeon & UCI Cinemas Group Ltd.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Odeon & UCI Cinemas Group Ltd.

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