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S&P upgrades, withdraws Odeon
S&P said it raised its long-term corporate credit rating on Odeon & UCI Cinemas Group Ltd.to B+ from B- and subsequently withdrew the long-term rating at Odeon's request.
At the time of the withdrawal, the outlook was stable.
At the same time, the agency withdrew the issue and recovery ratings on Odeon's £90 million super senior revolving credit facility.
The upgrade follows the completion of the acquisition of Odeon by AMC Entertainment Holdings Inc., announced on Nov. 30.
S&P said the upgrade reflects its view that the acquisition will strengthen Odeon's financial risk profile; the agency aligned its rating on Odeon with that on AMC.
Odeon's request to withdraw the ratings follows the full redemption of its outstanding senior secured notes as a result of the transaction, S&P added.
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