Fitch revises Pinewood view to negative

Fitch Ratings said it revised Pinewood Group Ltd.'s outlook to negative from stable and affirmed its long-term issuer default rating at BBB- and its secured debt at BBB.

“The negative outlook reflects the potential delay in reducing Pinewood's leverage due to increased U.K. business rates on film studios, and the financial effect from its direct cash outlay in acquiring Pinewood Toronto Studios (PTS) announced on May 3, 2023,” Fitch said in a press release.

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