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S&P downgrades DreamWorks
Standard & Poor’s said it lowered the corporate credit rating on DreamWorks Animation SKG Inc. to B- from B.
The outlook is stable.
S&P also said it lowered the rating on the company’s 6 7/8% senior notes due 2020 to B- from B. The 3 recovery rating is unchanged, indicating 50% to 70% expected default recovery.
The downgrades reflect a reassessment of the company’s business risk profile to vulnerable from weak, S&P said.
The downgrades also consider DreamWorks’ reduced film slate, which makes the company more vulnerable to the performance of individual films, the agency said.
The company has positioned itself as a high-end animation studio producing sophisticated, high-quality films in a labor- and capital-intensive development and production cycle, S&P said.
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