Moody's: Odeon view to negative

Moody's Investors Service said it changed the outlook on the B3 corporate family rating and B3-PD probability of default rating of Odeon & UCI Bond Midco Ltd. to negative from stable.

Concurrently, the agency changed the outlook on the Ba3 rating of Odeon's £90 million revolving credit facility, as well as the B3 rating on the senior secured notes issued by Odeon & UCI Finco plc, to negative from stable.

All ratings were affirmed.

"The negative outlook is prompted by our expectation that by year-end 2013, Odeon will exhibit leverage that is higher than the threshold we have set for downward pressure on the ratings," Knut Slatten, Moody's lead analyst for Odeon, said in a news release.

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