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S&P cuts Six Flags to SD
Standard & Poor's said it lowered the corporate credit rating on Six Flags Inc. to SD from CCC+, indicating a selective default, and its senior notes maturing in 2010 to 2014 to D from CCC-.
The actions reflect Six Flags' completion of its exchange offer on the senior notes due 2010 to 2014, at a discount to face value, for new 12½% senior notes due 2016 issued at Six Flags Operations Inc.
The outlook is negative.
S&P said it views the exchange as a default.
The agency said it is concerned that the reduction in marketing expenses could lead to lower attendance in 2008 and about the potential impact of the weak economy and high fuel costs on attendance.
For the 12 months ended March 31, the issuer's debt-to-EBITDA ratio was 12 times.
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