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Fitch affirms Regal
Fitch Ratings said it affirmed Regal Entertainment Group's issuer default rating at B+ and senior unsecured convertible notes at CCC with recovery rating of RR6, along with Regal Cinemas Corp.'s issuer default rating at B+, senior secured facility at BB+ with recovery rating of RR1, senior unsecured notes at B+ with recovery rating of RR4 and senior subordinated notes at B- with a recovery rating of RR6.
The outlook is stable.
The ratings continue to reflect the company's size and position as the largest domestic movie exhibitor with 6,778 screens in 549 theaters, Fitch said.
Risks include increased competition from at-home entertainment media, collapsing film distribution windows, increasing indirect competition and high operating leverage, the agency said.
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