S&P revises Six Flags view to negative

S&P said it revised the outlook for Six Flags Entertainment Corp. to negative from stable and affirmed the BB rating on the company.

The agency also affirmed the BBB- rating on the company’s senior secured credit facility ($800 million term loan B due 2026 and $350 million revolving credit facility due 2024) and BB- rating on the senior unsecured notes ($1 billion due 2024 and $500 million due 2027).

“We expect Six Flags to report 2019 results that will result in weak lease-adjusted debt to EBITDA around our 4x downgrade threshold. Operating performance in 2019 was below our expectations, particularly due to revenue challenges in the fourth quarter due to lower year-over-year attendance because of disappointing season pass and membership sales during the holiday sales period,” S&P said in a press release.

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