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Moody's downgrades Odeon
Moody's Investors Service said it downgraded the corporate family rating of Odeon & UCI Bond Midco Ltd. to B3 from B2.
Concurrently, Moody's downgraded Odeon's probability of default rating to B3 from B2 and the £90 million revolving credit facility to Ba3 from Ba2.
The rating of the £475 million notes, issued by Odeon & UCI Finco plc, remains unchanged at B3.
The outlook is stable.
"Today's rating action reflects our expectation that, on the back of a weaker-than-anticipated operating performance, over the next 18-24 months Odeon will continue to operate with leverage that is not commensurate with a B2 rating," Moody's lead analyst for Odeon Knut Slatten said in a news release.
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