S&P gives B- to Regal Entertainment notes

Standard & Poor's said it affirmed its B+ corporate credit rating on Regal Entertainment Group. The outlook is stable.

At the same time, S&P assigned the company's proposed $250 million senior notes due 2025 an issue-level rating of B- (two notches lower than the B+ corporate credit rating on the company). The agency also assigned this debt a recovery rating of 6, indicating an expectation for negligible (0% to 10%) recovery for noteholders in the event of payment default.

In addition, the agency affirmed all other ratings on the company.

"Standard & Poor's Ratings Services' rating on Regal Entertainment Group reflect the company's 'aggressive' financial risk profile (based on our criteria), characterized by high leverage amid volatile revenue, EBITDA, and discretionary cash flow," said S&P credit analyst Jeanne Shoesmith in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.