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S&P rates AMC notes CCC+
Standard & Poor's said it assigned AMC Entertainment Holding Inc.'s operating subsidiary AMC Entertainment Inc.'s proposed $600 million of senior subordinated notes due 2020 a CCC+ issue-level rating with a recovery rating of 6, indicating the expectation of negligible (0% to 10%) recovery in the event of a payment default.
The outlook is stable.
The company plans to use the proceeds to retire subsidiary holding company Marquee Holdings Inc.'s 12% notes due 2014 and operating subsidiary AMC Entertainment Inc.'s 11% senior subordinated notes due 2016.
The rating reflects the expectation that the company will continue to have a high tolerance for financial risk, that leverage will remain high and that the company's EBITDA margin will remain lower than peers', S&P said.
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