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Moody's drops Marquee
Moody's Investors Service said it downgraded Marquee Holdings, Inc.'s corporate family rating and probability of default rating to B2 from B1.
With the rating action, the company's outlook was repositioned to stable from negative, the agency said, adding that the rating action was prompted by consideration of the company's high leverage, relatively nominal free cash flow and inability to repay debt from operating cash flow, its decision to allocate non-operating cash flow to junior creditors, and execution risks related to the refinancing of its debts, the bulk of which come due in the 2012-to-2014 timeframe.
In concert, these factors suggest that the rating is more appropriately positioned at the B2 level, the agency said.
In a separate rating action, Moody's said it assigned an SGL-2 speculative-grade liquidity rating, indicating that Marquee has good liquidity when considered over the next four quarters.
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