Odeon & UCI Cinemas Group Ltd. Jul 12
Standard & Poors, July 2012
Abstract
Leading player in the highly concentrated U.K. movie exhibition market, with significant exposure to several continental European markets. Modern movie theaters in good locations. Business model that's resilient to economic downturns. Activity in a mature, highly competitive industry. Reliance on the popularity of Hollywood films, mitigated to a degree by local content. Long-term threats from alternative entertainment formats. Aggressive capital structure and high debt. 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...
Companies mentioned in this report are: Odeon & UCI Cinemas Group Ltd.
Action: Review
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: Full Analysis
Odeon & UCI Cinemas Group Ltd.
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