Moody's upgrades SeaWorld

Moody's Investors Service said it upgraded SeaWorld Parks & Entertainment, Inc.'s corporate family rating to Ba3 from B1 and the company's probability of default rating to Ba3-PD from B1-PD.

In addition, the company's senior secured first-lien notes and credit facility (including a revolver and term loan B) were upgraded to Ba2 from Ba3, and the company's senior unsecured notes were upgraded to B2 from B3. The speculative grade liquidity rating is unchanged at SGL-1.

The outlook is stable.

“The upgrade of the CFR and stable outlook reflect SeaWorld's continued improving operating performance, including solid ongoing consumer demand, pricing initiatives, growth investments and effective expense management which has led to a reduction in leverage to 3.3x (including Moody's adjustments) as of Q1 2023,” Moody’s said in a news release.

“High inflation rates and slower economic growth will continue to be a headwind for operating performance in the near term, but further investments over time are expected to support additional growth over the medium-term.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.