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Summary: Odeon & UCI Cinemas Group Ltd. Jul 12
Standard & Poors, July 2012
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.
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.
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.