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S&P may cut Regal Entertainment
Standard & Poor's said it placed Regal Entertainment Group's BB- corporate credit rating on CreditWatch with negative implications.
The watch is based on concern about Regal's narrowing margin of covenant compliance and a lease-adjusted debt-to-EBITDA ratio rising to nearly 6x, the agency said.
EBITDA cushion of covenant compliance narrowed to 15% as of Sept. 25 and will continue to narrow, as the leverage covenant steps down a quarter turn in each of the next two years if Regal is unable to meaningfully reduce net debt leverage, S&P said.
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