Fitch lifts AMC; view positive

Fitch Ratings said it has upgraded the issuer default rating of AMC Entertainment, Inc. to B+ and revised the outlook to stable from positive.

Further, Fitch said it has upgraded AMC’s senior secured revolver and term loan by one notch to BB+/RR1 and AMC’s subordinated notes by one notch to B/RR5.

The upgrade is primarily driven by AMC’s operating performance resilience during 2014 with its admission revenue decline of 4.5% vs. industry-wide decline of 5.2%/

Through improvements in operations and reduction in absolute levels of debt, AMC has driven unadjusted gross leverage from 8.7x in 2011 to a Fitch-estimated 4.3x as of Dec. 31, 2014.

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