Moody's affirms Marquee, AMC

Moody's Investors Service said it affirmed Marquee Holdings, Inc.'s corporate family rating at B2, probability of default rating at B2 and speculative grade liquidity rating at SGL-1, along with its senior unsecured regular bond/debenture at Caa1 with the loss given default assessment revised to LGD6, 90% from LGD6, 91%.

AMC Entertainment Holdings, Inc.'s term loan was affirmed at Caa1 (LGD6, 95%) and AMC Entertainment, Inc.'s senior secured bank credit facility at Ba2 with the loss given default assessment revised to LGD1, 9% from LGD2, 10%, senior unsecured regular bond/debenture at B1 with the loss given default assessment revised to LGD3, 36% from LGD3, 37% and senior subordinated regular bond/debenture at Caa1 with the loss given default assessment revised to LGD5, 77% from LGD5, 78%.

The outlook is stable.

The company has strong liquidity and sufficient financial flexibility to defend its rating as it approaches the refinancing stage for significant 2012 through 2014 debt maturities, Moody's said.

This somewhat offsets otherwise anemic free cash flow generation and gradual erosion of leverage and coverage measures, the agency said.

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