Moody's affirms AMC, Marquee, Loews, view negative

Moody's Investors Service said it affirmed AMC Entertainment Inc., parent company Marquee Holdings Inc. and Loews Cineplex Entertainment Corp. ratings, including the B1 corporate family, but changed the companies' outlooks to negative.

The agency said the negative outlooks reflect the sizable increase in leverage, measured by debt-to-EBITDA and adjusted for leases, which has resulted primarily from very disappointing year-to-date theater attendance and its consequent impact on cash flow.

Affirmed ratings include Marquee's $455 million senior unsecured notes at B2 and $170 million senior discount notes at Caa1, AMC' $175 million Senior secured revolving credit at Ba3 and $475 million senior subordinated notes at B3, Loews' $730 million senior secured credit facilities at B1 and $315 million senior subordinated notes at B3.

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