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S&P affirms Kerasotes loan
Standard & Poor's said it affirmed its bank loan and recovery ratings on the senior secured bank facility of Kerasotes Showplace Theatres LLC, following the announcement that the company will increase its term loan by $75 million.
The secured loan rating is B-, at the same level as the corporate credit rating on the parent company, Kerasotes Showplace Theatres Holdings LLC (B-/negative), S&P said, noting that the 3 recovery rating indicates our expectation of meaningful recovery of principal in the event of a payment default.
The B- corporate credit rating on Chicago-based Kerasotes reflects the risks related to the company's aggressive expansion plan and its high leverage, S&P said, noting that it also reflects the company's participation in the mature and highly competitive U.S. movie exhibition industry, exposure to the fluctuating popularity of Hollywood films and risk of increased competition resulting from the proliferation of entertainment alternatives and from shortening release windows.
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