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S&P raises National Amusements
S&P said it upgraded its ratings on National Amusements Inc. and its senior secured term loan to BB- from B+.
“The company's overall cash burn was negligible over the first half of 2021, which included significant cash inflows from its asset sales. As theater attendance recovers, we believe NAI's theater operations will return to a break-even level of cash flow much earlier than those of its peers. The company ended the second quarter with about $40 million of cash on its balance sheet and full availability under its $125 million revolving credit facility,” the agency said in a press release.
S&P said it forecasts NAI will have more than enough cash to fund its operations until attendance returns to a more normalized level, which it does not expect to happen until 2022.
The outlook is stable.
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